BEIRUT, May 9 (Xinhua) -- Lebanon's Water and Energy Minister Cesar Abi Khalil said on Tuesday that 51 companies qualified for licenses to enter into Lebanon's oil and gas sector.
The first oil exploration contracts are expected to be signed before the end of 2017.
Abi Khalil addressed the Third International Conference on Oil and Gas's inaugural ceremony, held at Lebanon's Hilton Habtour Grand Hotel.
The conference was organized by Global Event Partners and Planners and Partners Company in conjunction with Lebanon's Petroleum Administration.
He considered the conference "a vital step forward in the producing domestic energy and developing Lebanon's oil and gas sector."
The minister estimated that the relatively high number of companies interested in Lebanon's oil sector is an indicator "of abundant hydrocarbon resources in our territorial waters."
Abi Khalil concluded by saying "we have entered a new investments phase which will help to secure higher employment opportunities for Lebanese companies, in turn simultaneously boosting the economy and stabilizing the country's energy resources and sector."
The two-day conference includes consecutive work sessions focused on Lebanon's promising oil sector.
Most notably, issues regarding Lebanon's current standing in the oil sector within the East Mediterranean region and Lebanon's resource development progress will be addressed.
Scores of oil and gas experts are participating in the conference to exchange know-how and discuss the proposed future opportunities of Lebanon's promising oil sector.
