Lebanon Poised to Delay Gas Auction Date

BEIRUT: International oil companies want the April 10 offshore gas and oil auction to be pushed back at least three months to allow them more time prepare bids, a source said Wednesday.

“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,” a Lebanese source familiar with the auction told The Daily Star.

“They need to know the number of blocks that will be auctioned off and the conditions for exploration.”

He added 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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