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An international oil expert says the market conditions and stability of prices could determine the fate of Lebanon's offshore gas licensing round this year.On Jan. 4, the Lebanese Cabinet approved two long-awaited decrees that cleared the way for the first licensing round of offshore oil and gas exploration.The expert stressed that attracting foreign oil companies to Lebanon again depends on the market conditions.Those were ExxonMobil, Shell, Petrobras, Chevron, Statoil, Inpex, Eni, Maersk, Anadarko, Repsol, Petronas and Total.The expert believes that the fall in oil prices would lower the cost of oil and gas exploration in Lebanon's exclusive economic zone.The expert said east Asia is a potential gas and oil market for Lebanon.
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