Lebanon Postpones the 2nd Licensing Round till late 2021

Lebanon postponed once again on Sunday the deadline for submitting offers for the country’s second licensing round for offshore oil and gas exploration in five blocks amid the COVID-19 outbreak, the National News Agency reported.

The new date will be specified later this year, said the report.

“The outbreak of COVID-19 all over the world has devastating effects on the petroleum sector, leading to low demand for oil and gas and a sharp decline in the prices of these two commodities,” said a statement by the Energy Ministry.

The statement explained that the coronavirus hit the financial and logistical capabilities of oil and gas companies, prompting these companies to reduce their investments in such projects.

Official Ministry statement below: