Reuters: Lebanon Begins Pre-Qualification Round for Oil, Gas Exploration

Lebanon has started a pre-qualification round for companies interested in offshore oil and gas exploration, with bids required by March 28, Reuters reported Friday.

Energy Minister Gebran Bassil said 29 companies have expressed interested in bidding, with about a quarter of those U.S. companies, Reuters reported.

Mr. Bassil told representatives of energy companies that the nation hopes to issue its first exploration and production agreement by February 2014, and hopes Lebanon could "enter the development phase starting 2016," Reuters reported.

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Copyright (c) 2012 Dow Jones & Company, Inc.

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