Sea delineation talks close

Oil exploration procedures to be concluded before 2012: parliamentary committees

The joint parliamentary committees tasked with discussing the oil and gas exploration file announced that the executive procedures will be completed before the end of 2011.

In a statement following its meeting on Monday (October 17), the committees said that the files for obtaining oil exploration licenses will be provided to the interested companies during the first quarter of 2012.

The committees also decided to appoint an Oil Regulatory Body to run the oil sector before the end of 2011.

The committees also announced that the Minister of Foreign Affairs will visit Cyprus to resume talks for rectifying the maritime borders in terms of the demarcation of the Exclusive Economic Zone. The Cabinet has recently approved a law that marked out the borders of Lebanon’s territorial waters and Exclusive Economic Zone.

The Minister of Foreign Affairs will also kick start talks with Syria so as to delineate the borders of the maritime economic zone between both countries.