Lebanese offshore oil and gas licensing round continues despite political crisis

In this Nov. 6, 2017 photo, vehicles moves on a street in Beirut, Lebanon. (AP)
Updated 11 November 2017
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Lebanese offshore oil and gas licensing round continues despite political crisis

BEIRUT: Lebanon’s Energy Minister on Friday called on companies bidding in its first round of licensing to explore for oil and gas in its Mediterranean waters to begin technical discussions, suggesting the process would continue despite the political crisis.
Prime Minister Saad Hariri resigned in a speech from Saudi Arabia last Saturday and has yet to return to the country, sparking a political crisis.
President Aoun has said he will not accept Hariri’s resignation until he returns to the country, while the Lebanese authorities have said they consider the government to still be legitimate.
Energy and Water Minister Cesar Abi Khalil said on Twitter that he signed a document on Friday calling on companies who sub-mitted bids for the offshore license blocks “to negotiate the technical proposals.”
Lebanon sits on the Levant Basin in the eastern Mediterranean where a number of big subsea gas fields have been discovered since 2009, including the Leviathan and Tamar fields situated in Israeli waters near to the disputed marine border with Lebanon.
Lebanon re-launched the tendering competition for the exploration and production rights in January after a three-year delay due to political paralysis.
However, a consortium made up of France’s Total, Italy’s ENI and Russia’s Novatek, made the only offer in the tendering process which closed on Oct. 12, with bids for two of the blocks.
The Lebanese Petroleum Administration has said it will evaluate bids for the offshore blocks and present them to the energy minister by Nov. 13. Final approval will then be sought from Lebanon’s council of ministers.
— REUTERS


Riyadh Future Investment Initiative summit on schedule for next week

Updated 15 October 2018
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Riyadh Future Investment Initiative summit on schedule for next week

  • Future Investment Initiative to go ahead despite ‘disappointing’ withdrawals.
  • It will be held in Riyadh from Oct. 23 to 25.

RIYADH: Officials and business leaders including US Treasury Secretary Steve Mnuchin, IMF Managing Director Christine Lagarde and JPMorgan Chase CEO Jamie Dimon are set to attend an investment summit in Saudi Arabia next week.
The Future Investment Initiative (FII) is going ahead despite the “disappointing” withdrawal of some speakers and partners.
It will be held in Riyadh from Oct. 23 to 25.
“Despite the disappointing withdrawal of some speakers and partners, we look forward to welcoming thousands of speakers, session managers and guests from around the world,” an FII spokesman said in a statement quoted by Asharq Al-Awsat.
An earlier statement gave an overview of the event, saying that “investing in transformation,” “technology as opportunity” and “advancing human potential” are among the FII’s broad themes.
Mohammed Khunaizi, a Shoura Council member, said that government and business leaders will map out a “collective vision for future” at the event.
“The FII conference has emerged as the largest investment event of its kind in the Middle East, which offers opportunities for billions of dollars in business deals besides being an educative forum,” he said.
JPMorgan chief Dimon has been quoted in media reports as saying: “I am looking forward to attending the Future Investment Initiative in Riyadh to discuss innovation in technology and what it means to all of us.”
Sami A. Al-Rajhi, a Saudi business executive, said: “The FII seeks to further explore how investment will drive growth opportunities regionally and globally.
“The event will help to bring many business opportunities to the country in particular and to the Middle East in general, which will support job creation, innovation and unlock economic opportunities.”