Fifty-two major global companies have submitted bids to explore for oil and gas in Lebanon’s territorial waters, caretaker Energy and Water Minister Jebran Bassil announced on Thursday.

Fifty-two major global companies have submitted bids to explore for oil and gas in Lebanon's territorial waters, caretaker Energy and Water Minister Jebran Bassil announced on Thursday.

He noted that “almost all the global firms have submitted bids, which highlights the confidence in Lebanon,” Bassil said at a press conference he held at the ministry.

“It's a gift to the Lebanese for the holidays and this indicates that Lebanon's resurrection will inevitably happen,” Bassil added.

“Lebanon is an oil-producing country and the concession process was transparent as it had successful terms and conditions that are not open to interpretation and many companies did not submit a request as they lacked the ability to meet the conditions,” he said.

On February 15, Bassil announced the opening of the pre-qualification period for oil exploration companies interested in exploring Lebanon's offshore oil and gas reserves.

“The deadline for submitting applications will be on March 28 and the Petroleum Authority will announce after three weeks the list of accepted companies then we will begin the round of tenders, which will last until the end of the year,” Bassil noted at a press conference.

The minister reiterated that Lebanon will witness the first oil exploration process in 2015 and it will take the country a year to enter the production stage.

Bassil pledged to respect all the international standards and protocol concerning the matter.

The cabinet endorsed plans in January 2012 to implement legislation that will clear the way for offshore oil and gas exploration.

Lebanon has been slow to exploit its maritime resources compared with other eastern Mediterranean countries, and the government has warned that Lebanon will not give up its maritime rights and accuses the Zionist entity of violating its waters, territory and air space.