The Lebanese National Assembly has just passed the long-awaited oil and natural gas taxation law, the last of three crucial pieces of legislation needed to begin the exploration and development of offshore oil resources. The law enables international oil companies (IOCs) to apply for a license for exploration and development; final contract awards are likely to be given by the end of November. Though this marks significant progress in the development of Lebanese offshore oil fields, there is still much work to be done to address the administration of the sovereign wealth fund, as well as onshore exploration issues that will affect different political and religious groups that potentially have an interest in the developing industry....
