Russia’s 'Lukoil' joins oil-drilling firms lineup

French Total invites firms for partnership

Russian oil producer Lukoil Holdings is considering engaging in an oile extraction project in Lebanon. The firm said it is currently in talks to find partners for its venture.

French energy giants Total SA and GDF Suez SA have invited multinational oil and gas companies to cooperate with them in similar projects off Lebanon’s shore. Chinese and US firms are also racing to sign agreements for oil extraction.

The Cabinet intends to invite interested companies to apply for a prequalification round in early February. The official bids for drilling rights are scheduled to begin on May 2.

According to the Ministry of Energy and Water, more than thirty major firms from different countries have shown interest in the oil and gas industry. Offshore oil and gas reserves are projected to produce up to 90,000 barrels of crude per day for 20 years.