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Top firms scramble for oil wealth

Mar 28 2013 19:09
AP

Beirut - Lebanon's energy ministry says 50 companies have participated in a pre-qualification process to win licences for oil and gas work off the Lebanese coast.

The ministry says the companies include Chevron and Exxon Mobil from the United States and Royal Dutch Shell.

Lebanon is a resource-poor nation and any finds could help it pay off what is one of the highest debt rates in the world.

The names of winning companies will be announced on April 18.

Recent Israeli discoveries of oil and gas have raised tensions between Lebanon and neighbouring Israel, which are in a state of war.

Both countries claim a small maritime area of 850 square kilometres in the Mediterranean.

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exxon  |  royal dutch shell  |  chevron  |  lebanon  |  oil and gas

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