PGS supporting imminent offshore Lebanon license round

PGS expects Lebanon to open its second offshore licensing round this month, with the window for pre-qualification remaining open until April.

PGS multi-client data library offshore Lebanon
PGS multi-client data library offshore Lebanon

Offshore staff

OSLO, Norway – PGS expects Lebanon to open its second offshore licensing round this month, with the window for pre-qualification remaining open until April.

The round will last for 12 months, culminating in the award in December of exclusive petroleum rights to explore and develop new hydrocarbon resources offshore Lebanon.

Pre-qualification results will likely be announced in May, followed by a five-month period for the submission of bids, and subsequent assessment in November by Lebanon’s Council of Ministers.

PGS has supported the country’s offshore exploration efforts in the Levantine basin since 2006 with numerous 2D and 3D surveys and is an official data provider for the 2nd Round.

The company will offer to bidders its PSDM MegaSurvey, providing more than 10,000 sq km (3,861 sq mi) of matched, fully-migrated, and merged 3D seismic, and 8,800 line km (5,468 mi) of 2D GeoStreamer seismic (acquired in 2009 and 2011) tying to the 3D surveys.

PGS also revealed that it has signed an agreement to sell its acquisition vesselRamform Sterling to Japan Oil, Gas and Metals National Corp. (JOGMEC) for around $100 million.

JOGMEC, an incorporated administrative agency of Ministry of Economy Trade and Industry in Japan, will take delivery in late April. The sale does not include the vessel’s seismic streamers.

01/10/2019

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