The latest hydrocarbon developments indicate that Lebanon is on its way to becoming a key player in the Middle Eastern oil and gas industry. The nomination of the board of directors of the Petroleum Administration Authority has led to major progress ahead of the launch of the first offshore oil and gas licensing round, while a recently discovered oil reservoir has stirred the optimism of investors.
A number of two-dimensional and three-dimensional seismic surveys suggest that the Lebanon basin has favourable geological prospects and significant potential for hydrocarbon production. The Offshore Petroleum Resources Law seeks to encourage the exploitation of the country's potential offshore resources by providing a regulatory basis for the petroleum sector.
The growing interest in exploring the Lebanese Basin has been stimulated by recent discoveries of massive gas reserves in neighbouring Mediterranean states. Significant deepwater discoveries have encouraged Lebanon to act quickly, passing legislation and commissioning a number of two-dimensional and three-dimensional surveys to determine the potential of the geological prospects.
Careful consideration must be given when selecting a choice of law clause, as the circumstances in which an arbitration agreement can bind a third party differ from jurisdiction to jurisdiction. Under Lebanese law, a third party may find itself bound by an arbitration agreement in a number of cases, including on the basis of its relationship with one of the signatories to the arbitration clause.
Including: International treaties; Legislation; Arbitral bodies and other entities; Interaction with court system; Drafting arbitration agreements; Enforceability of arbitration agreements; Kompetenz-kompetenz; Arbitrability; Consolidation and separability; Third parties; Starting the process; Interim relief; Procedural rules; Awards; State immunity.
Lebanon's patent legislation dates back to 1924. In 2000 new provisions were added in order to bridge legislative gaps. The amendments have expanded the scope of patent protection, increased the term of patents, and defined the rights of the patent holder and the damages that will be awarded in case of infringement.
A law on the merger of insurance companies has had positive effects on an industry which used to be perceived as unreliable and disorganized. As a result of the law, smaller, less efficient insurance companies that struggled to make a profit have been able to survive by merging with larger companies. The industry is now providing higher-quality services and regaining consumer confidence.