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Newly formed government approved 2 measures to auction its first offshore oil and gas rights

Lebanon approved two measures allowing it to auction its first offshore oil and natural gas rights, ending three years of delays that kept the tiny country from joining a regional race to tap energy wealth in the eastern Mediterranean. The newly formed government headed by Prime Minister Saad Hariri passed two decrees on Wednesday that demarcate energy blocks, establish production-sharing contracts and specify tender protocols. They take effect with no need for additional approval.

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