Report: Onshore Seismic Scan to Remain till September, Costs to Reach $25 mln
The onshore 3-D seismic scan process is expected to remain until September as the British Spectrum Company, which will conduct it, will cover the expenses estimated to reach $25 million, a local newspaper reported on Friday.
As Safir newspaper quoted a ministerial source as saying that the British firm will pay Lebanon a share of the profits achieved by the survey.
According to an expert, the seismic scan carried out by Spectrum will include 500 linear kilometers onshore.
The newspaper reported that another Austrian Company offered to conduct a seismic scan, without charges.
The offer has been sent to the cabinet for further studies, the daily added.
“The international companies, in particular, the British, perceive the promising possibilities onshore Lebanon... Or it wouldn't have taken such decision enthusiastically,” the expert said.
On Thursday, Energy Minister Jebran Bassil and British Foreign Secretary William Hague launched the onshore seismic scan that will be carried out by Spectrum.
The Spectrum company had unveiled in 2012 that Lebanon's oil reserves off its southern coast are of the richest and best in the region.
The firm estimated that the volume of gas is around 25 trillion cubic feet.
Last week, Bassil announced the opening of the pre-qualification period for oil exploration companies interested in exploring Lebanon's offshore oil and gas reserves.
The deadline for submitting applications will be on March 28 and the Petroleum Authority will announce after three weeks the list of accepted companies then tenders will be launched, which will last until the end of the year.
The formation of the Petroleum Authority in November was the first major step in future oil exploration since parliament passed a law in 2011 setting the country's maritime boundary and Exclusive Economic Zone.
The cabinet endorsed plans in January 2012 to implement legislation that will clear the way for offshore oil and gas exploration.
In August 2011, the parliament passed a law setting Lebanon's maritime boundary and Exclusive Economic Zone.
Lebanon has been slow to exploit its maritime resources compared with other eastern Mediterranean countries. Israel, Cyprus and Turkey are all much more advanced in drilling for oil and gas.
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