KEC to Bid for Drilling Rights Offshore Lebanon
Kuwait Energy Company intends to bid for drilling rights in the Levant Basin off the coast of Lebanon.
According to estimates the Levant basin may hold 1.7 billion barrels of recoverable oil and around 122 trillion cubic feet of recoverable gas.
KEC officials said that the company hasn't yet entered into talks with the Lebanese government and bidding will only start once the country passes its draft oil and gas law which is expected to take place next year.
UK oil and gas company Cairn Energy PLC has also expressed its intention to bid for licenses in the region.