Lebanon May Auction Oil, Gas Rights Within 12 Months

Lebanon may auction rights within the next 12 months for undersea oil and natural-gas exploration, spurred by energy projects in the waters off neighboring Israel, an adviser to the country’s parliament speaker said.

Lebanon’s parliament is likely to approve a law on offshore exploration as early as tomorrow, Ali Hamdan said in a telephone interview from Beirut. “There is a big chance for the law to be voted tomorrow, and it will be an important step to start the process of organizing tenders for interested companies within a year,” he said.