The Ministry of Energy has made the decision to extend the deadline for companies to submit their bids for oil and gas exploration rights in offshore fields within the third licensing round, as announced by the Lebanese Petroleum Administration on Monday. The new deadline for submitting bids will be March 17, 2025, covering nine offshore blocks.
This extension comes after the first deadline for submissions was in January. The ministry explained that the decision to postpone the deadline was made to allow sufficient time to monitor the accelerating regional and international developments, as well as to work on finding solutions to enhance the attraction of companies to participate in the bidding process.
Lebanon has previously extended licensing rounds due to a lack of demand. However, with this latest extension, companies now have more time to prepare and submit their bids, potentially leading to increased participation in the third licensing round.
The offshore oil and gas exploration rights in Lebanon have garnered interest from companies looking to tap into the country’s potential resources. With this additional time, companies can further assess their chances of success and make necessary adjustments before submitting their bids.
