BEIRUT: International energy companies will be able to start drilling for gas off the Lebanese coast at the end of 2015 if the August auction date is met, a source familiar with the tender process said Wednesday.
“If the ministers approve the decrees that set the number of blocks [areas designated for drilling] and explain the mechanism of revenue sharing this month or early next month, then the companies will have ample time to make their bidding on Aug. 14. If everything goes according to plan, international oil companies can start the actual drilling at the end of 2015 or at the beginning of 2016 at the latest,” the source told The Daily Star.