Summit Gathered Senior Government & Industry Representatives to Discuss the Potential of Lebanon as a Global Gas Supplier

The 2013 Lebanon Gas Summit brought together representatives from companies including Total, Cairn Energy, Spectrum, Repsol, OMV, JX Nippon and ENI. End Quote

(1888PressRelease) July 17, 2013 - Representatives from Lebanon's Ministry of Energy & Water and The Petroleum Administration delivered Keynote Addresses at CWC's Lebanon Gas Summit, which took place on 24 June 2013, at the Grand Plaza Hotel in Rome, Italy. The Summit brought together representatives from companies including Total, Cairn Energy, Spectrum, Repsol, OMV, JX Nippon and ENI for discussions on the future potential for Lebanon's hydrocarbon sector and updates on the First Offshore Licensing Round.

One of the day's key discussions focussed on the draft exploration and production agreement that the Petroleum Administration is currently reviewing following feedback from IOCs on the current fiscal terms on offer.

"Firms have submitted their comments on the draft exploration and production agreement (EPA) and an amended version will be available in coming weeks," Wissam Chbat, Head of Geology & Geophysics , Petroleum Administration; told delegates at the Lebanon Gas Summit.

An underlying topic of discussion was the political risk attached to Lebanese offshore exploration and representatives of the Petroleum Administration re-emphasised what action they would take on the main areas of concern that were outlined including giving reassurances that IOCs would see no loss of rights in case of "justified delays" during the approval process for the offshore blocks.

Mr Abdullah Zakhem, Chairman of the Summit sponsor Zakhem International Construction Ltd commented at the Summit "There have been some very lively and interesting discussions today and we've heard from and met with some key individuals who will play major roles in developing Lebanon's hydrocarbon potential."

It is widely accepted that Lebanon has the potential to be a global gas supplier and has committed to take advantage of its promising offshore hydrocarbon landscape and strategic geopolitical position of bridging Europe with the Middle East, through the launch of its exploration tenders.

The Lebanon Gas Summit was co-located with the North Africa Gas Summit, which took place 25-26 June 2013 in Rome, Italy. The Summit is the annual meeting place for all those interested in and currently involved in Lebanon's hydrocarbon sector.

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