Iran-GCC rivalry reflected in tussle for Lebanon’s offshore hydrocarbons

Having seen Israel, and then Cyprus, fast-track plans to develop offshore hydrocarbon reserves in the East Mediterranean, Lebanon is eager to develop its portion of the Levant Basin, which the US Geological Survey estimates could contain 122tcf of gas and 1.7bn bbls of oil. In November, Beirut finally appointed a six member Petroleum Administration Board (PAB), charged with overseeing the tendering process, and in February, energy minister Gebran Bassil launched the prequalification round for companies looking to take part in the first exploration tender.