Lebanon approves foreign consortium's drilling bid

BEIRUT, Dec. 14 (Xinhua) -- The Lebanese Cabinet on Thursday approved licenses for a consortium of three international oil companies, paving the way for their drilling in the country.

The approval will allow the three companies, which have been bidding on blocks 4 and 9, to start their exploration of the oil and gas reserves in Lebanon.

Lebanese Energy Minister Cesar Abi Khalil presented the results of his negotiations with the three oil companies to the Cabinet before it approved the decision.

"The next step would be informing the companies and asking them to sign the contracts that the Cabinet has approved on along with paying certain guarantees," Abi Khalil said.

"The drilling will start at the beginning of 2019. Let's see if there is a possibility of developing the domain," he said, adding that the three companies were French Total, Italian ENI and Russian Novatek. Enditem