Offshore Drilling for Oil and Gas Begins in 2019, Says Andari
Banque Du Liban's second vice-governor Saad Andari announced during a conference that Lebanon expects to start exploratory offshore drilling for oil and gas by the end of 2019, LBCI news said on Tuesday.
The exploration will take between three to four years, and will be conducted by a consortium led by French oil giant Total, Andari said.
Lebanon signed in February a deal with an international consortium to start exploratory offshore drilling for oil and gas in what the country hopes will help boost its struggling economy.
The three oil companies, Italy's Eni, France's Total and Russia's Novatek, have bid for two of Lebanon's 10 offshore blocks, to determine whether oil and gas exist.