Lebanon Sinai Levant exploration basin

The Sinai-Levant Basin comprises the easternmost portion of the Mediterranean along with the onshore region extending from the Sinai Peninsula to Syria. The potential of the basin was proven with the giant Tamar and Leviathan gas field discoveries Israel. The Aphrodite discovery proved the extension of the deepwater Oligo-Miocene play into Cypriot acreage, and the play is also thought to extend into Lebanon. No licensing has yet been completed in the Lebanese portion of the basin. The inaugural round was planned in 2012, but political differences led to delays. Prequalification was eventually completed in 2013, but political instability led to stalemate in the regulatory processes. In this brief report Wood Mackenzie summarises the key issues facing explorers in Lebanon, and provides details of the geology of the play and the fiscal and regulatory terms that will apply once key legislation is eventually ratified by parliament.