Republic of Lebanon
The Lebanese State has put in place a legislative framework tailored for the petroleum sector. This legislative framework consists of laws, decrees and decisions that cover all the phases of the petroleum value chain such as Reconnaissance, Exploration and Appraisal, Development and Production, and Decommissioning.
Lebanon adopts a tailored version of the production sharing contract. The PSC gives the State large control over the development of the sector but puts all the risks at the sides of the companies.