Energy Minister Cesar Abi Khalil stressed Thursday that oil extraction will be based on a road map to be declared soon, after presenting it to the cabinet, adding that the map includes regaining the interest of the qualified companies.
He pointed out that the committee tasked with managing the oil sector is working on drafting a Sovereign Fund Law that will protect the oil wealth for the future generations.
During a press conference tackling the decrees on oil and gas, Abi Khalil stated that opening blocs within the Lebanese waters was done based on a study conducted by the said committee and the guidelines were at first to protect the Lebanese north, west and south borders.
The minister explained that the number of blocs to be put up for bid during the first session is five, adding that the signature of contracts phase could be reached within nine months.