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IOCs want Lebanon gas auction delayed: report

: Sunday, April 06 - 2014 @ 08:26

International oil companies are seeking to push back Lebanon’s April 10 offshore gas and oil auction by at least three months, to allow them more time prepare bids, The Daily Star has reported, citing a Lebanese source familiar with the auction. “The oil companies that showed interest in Lebanon’s gas and oil wealth are not planning to make any investments in oil blocks for the time being,” said the source. “They need to know the number of blocks that will be auctioned off and the conditions for exploration,” the sources said, adding that some of the firms had reallocated investments to other countries that had already passed laws and named blocks for auction.

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Sunday, April 6- 2014 @ 8:26 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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