The Lebanese National Assembly approved a new law regulating taxation on oil and natural gas revenues, Stratfor reports.

The new legislation, if implemented, will impose a 20% tax on oil revenues in addition to a 5 million Lebanese pounds fee ($3,311), Wissam Zahabi, an official with the Lebanese Petroleum Administration, told Bloomberg.

In light of the large natural gas finds in Israeli, Egyptian, and Cypriot waters, Lebanon is stepping up efforts to explore its national waters, Bloomberg reports. It will close an exploration tender for its offshore areas on October 10th.