Legal and Regulatory Regime for Lebanese Offshore Petroleum
Article from: OGEL 3 (2013), in Eastern Mediterranean Oil and Gas
Introduction
The Levant Basin contains an estimated 1.7 billion barrels of recoverable oil and 122 trillion cubic feet of recoverable natural gas. Located in the eastern Mediterranean in the waters of Lebanon, Cyprus, Israel and the Palestinian Territories, this is one of the recent areas opening up for offshore exploration and production. While there seems to be significant international interest in this new area, there are also significant issues to overcome. Among these are several border disputes in the region. The Levant Basin cuts through the maritime borders of the States involved. Given that ...