Cairn India to Bid for Lebanon Oil, Gas Blocks

Cairn India and its erstwhile promoter Cairn Energy are among the firms that have been shortlisted to bid for Lebanon's maiden auction of exploration licences for offshore oil and natural gas, according to Press Trust of India. 

This is the first time that the two firms will be in direct competition since the Indian unit was bought by Vedanta Resources. 

ONGC Videsh is the other Indian firm to have been qualified to bid as a non-operator. 

While the operator would be responsible for managing the day-to-day field operations, the winning non-operatoring company would co-finance the project as well as give technical input and market the produce, Press Trust of India reported. 

Bidding exploration may take place on December 10. 

Lebanon has opened offshore blocks 1, 4, 5, 6 and 9 for exploration, and may make available a total of 10 blocks, including some in areas contested by neighboring Israel, PTI said. 

The ministry said it aims to complete the award of the blocks by February next year.