Lebanon Extends Offshore Oil and Gas Exploration Bids Deadline to Boost Investment

The Ministry of Energy has announced that the deadline for companies to submit their bids for offshore oil and gas exploration rights in Lebanon’s third licensing round has been extended. The new deadline is March 17, 2025, covering nine offshore blocks. This decision was made to allow more time for monitoring regional and international developments and to work on solutions to attract more companies to participate in the bidding process.

Lebanon has previously extended licensing rounds due to a lack of demand. However, there has been interest from companies looking to tap into the country’s potential resources. With the extended deadline, companies now have more time to prepare and submit their bids, potentially leading to increased participation in the third licensing round.

The Lebanese Petroleum Administration made the announcement on Monday, stating that the decision was based on feedback from industry stakeholders. The ministry explained that they wanted to ensure that companies had enough time to thoroughly evaluate the opportunities and risks associated with offshore oil and gas exploration in Lebanon.

The extension of the deadline is seen as a positive step for Lebanon’s oil and gas industry. With more time for companies to submit their bids, it is hoped that more investment will be directed towards offshore oil and gas exploration in Lebanon.