Oil and gas businesses have long been known to be lucrative. When you couple the oil and gas industry with a well developed banking sector you have a recipe for success. Lebanon is well respected for its place in the banking industry, and recent seismic discoveries on and offshore Lebanon suggest there is ample gas accumulation to make the possibility of a successful Lebanese oil and gas industry a reality.
Despite these discoveries, Lebanon has yet to officially establish an oil and gas industry. In an effort to enter this area
, the Lebanese government put in motion the first licensing round for offshore exploration and production in Lebanese waters. As part of this motion they executed a Strategic Environmental Assessment (SEA) in 2012 in compliance with Lebanese Law.
The goal of the SEA is to identify possible environmental and social effects of instigating an oil and gas industry in Lebanon. The initial results of the SEA are preliminary and will be expounded upon as seen fit moving forward, although they allowed for the establishment of an ongoing assessment and management process. The SEA aims to settle upon a balance between the development of offshore energy resources and sufficient environmental and community protection.
In order to be compliant with the process defined by the SEA, individuals interested in obtaining petroleums rights must meet multiple requirements and provide specific data regarding these requirements. Because of the complexity of the requirements, it is imperative that a lawyer in Lebanon be retained to assist with the process. The Lebanese Lawyers at Mattar Law Firm Lebanon have the skill set necessary to walk you through this process. Call today for a consultation.