24/09/13

Novatek GPB Overseas B.V. to bid for Lebanon offshore

On September 17, 2013 OJSC Novatek and GPB Global Resources B.V. have registered Novatek GPB Overseas B.V. (former GPB Mediterranean B.V.). The company will tender to explore for oil and gas on Lebanese shelf as a non-operator company.

Swiss-based Novatek Overseas AG owned by Novatek obtained the right to manage a 70% stake in GPB Mediterranean B.V., while GPB Global Resources B.V. (GPB Global Resources Group) retained the 30% stake of the joint venture.

Lebanon is tendering universal E&P licenses to the shelf sections. The shelf has not previously been licensed for geological exploration. Recent deepwater, sub-salt gas discoveries to the South and West, which encountered high quality Lower Miocene sands, have significantly increased the industry prospectives in Lebanon and the Eastern Mediterranean.

Reference:

GPB Global Resources Group is an international group of companies, engaged in petroleum and mineral resource projects in various parts of the globe, including Africa, South America, and the Middle East. Today it operates in Chad, Mali, Niger, and Venezuela.

GPB Mediterranean B.V. (GPB Global Resources Group) was registered on January 29, 2013 to bid for Lebanese offshore in the consortium with Novatek. On September 17, 2013 the Company changed its name to Novatek GPB Overseas B.V. A consortium of OJSC Novatek and GBP Global Resources B.V. was admitted to the first round of bidding for Lebanese offshore licenses in April as non-operating companies which would go on to form alliance with qualified operating companies and then bid for specific blocks.

www.gpb-gr.com