Berri: Lebanon Sitting on Region's Greatest Oil, Gas Wealth

إقرأ هذا الخبر بالعربية W460

Speaker Nabih Berri stated that a foreign company had conducted a survey of Lebanon's offshore and land petroleum and gas resources, which revealed that the country enjoys a wealth that exceeded previous estimates, reported As Safir daily on Saturday.

He said that Spectrum and Petroleum Geo-Services company's survey revealed that Lebanon enjoys the greatest oil and gas wealth in the region, surpassing that of Israel.

“The discovery will not only lead to Lebanon's entry to the club of oil-producing countries, but even lead it to occupy its front row seats,” said As Safir.

The Spectrum company had unveiled its findings during a conference in London, during which it confirmed that Lebanon's oil wealth off its southern coast is among the richest and best in the region.

The quantities in the South are three-times more abundant than other regions, it added.

Berri therefore urged the government to immediately tackle this file “and stop wasting precious time” with various disputes, reported As Safir.

He noted that the Spectrum report warned that Lebanon's failure to address its wealth will harm its credibility and push investment companies to search for other fields.

“Investing in this sector will end Lebanon's public debt and end labor disputes,” stressed the speaker.

“We must stop these losses and the crime against our economy,” declared Berri.

As Safir meanwhile reported that efforts are ongoing in order to appoint the members of the petroleum sector.

Government sources told the newspaper that this issue will be the cabinet's priority during the next phase in Lebanon.

The daily revealed that among the candidates being proposed to be appointed to the management board of the sector are Nasser Hoteit (Shiite), Wissam Shbat (Maronite), Wissam al-Thahabi (Sunni), Issam Abou Ibrahim (Druze), Walid Nasser (Catholic), and Gaby Daaboul, Rafik Haddad, or a member of al-Qazan family (Orthodox).

Lebanon and Israel are bickering over a zone that consists of about 854 square kilometers and suspected energy reserves there could generate billions of dollars.

The cabinet approved in September the proposed borders of Lebanon’s Exclusive Economic Zone in the Mediterranean.

In June, Lebanon was able to restore 530 square kilometers of a maritime zone that it considers it to be within its EEZ.

Media reports said that, the United States and the United Nations acknowledged Lebanon’s rights to control the 530 square kilometer disputed area after prolonged diplomatic and political efforts.

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.

Comments 28
Thumb jcamerican 03 November 2012, 10:14

Fill it up pleazzzzzzzzzzzze.

Missing greatpierro 03 November 2012, 15:35

tu as raisons l'ami

Thumb primesuspect 03 November 2012, 19:06

Where is Rafiq Hariri to manage this wealth? Other politicians especially the Berry/Jumblatt binomial will fill up their pockets and leave peanuts for the country.

Thumb Chupachups 04 November 2012, 05:19

BS thrower.. BLEAZE khalas ba2a, 2arafetna ya zalame

Default-user-icon marc (Guest) 03 November 2012, 10:31

but we are not April 1st today

Thumb phoenician 03 November 2012, 10:46

Thank you God and please make sure they spend it wisely especially on the Lebanese academical and sports talents that have been wasted and burried alive for the past 40years,Amen.

Default-user-icon CJ (Guest) 03 November 2012, 10:51

Why dont these useless Lebanese leaders walk the talk instead of always talking crap all the time. They never have anything constructive to say to the Lebanese. Why dont you ever report on who is causing the bickering and why. Name the names and let's just get on with it. Who are the show stoppers and more importantly WHY. Report this please instead of useless talk. The Lebanese people rely on journalistic reports to determine next steps...e.g. making leaders accoutable, protest, etc....burn some tires.

Thumb rover98 03 November 2012, 11:11

The Politicians will no doubt fight over who will line their pockets with the oil wealth before anything is done like most of the Wealth of Lebanon.

Missing lebcan 03 November 2012, 12:49

Yes I agree, but even if the politicians steel half of the revenue (and we must not let them) we will be rich. Lebanese are the most highly educated and talented group in the Arab world. Can you imagine how many of us will leave the gulf countries and put our expertise to our own national news. The company Ericsson for example picked Lebanon as one of its main operating base because of its large and highly educated population. They don't need Expats to do the work.

Missing greatpierro 03 November 2012, 15:38

Actually there are six to seven blocks of gas exploration and apparently each will go to a politician from different religious communities.

Rather than having one national company that run the whole show and maximize the return to the lebanese people yet again the lebanese will play the religious division to loot their country.

Default-user-icon OldHand (Guest) 03 November 2012, 11:11

What we know about Lebanon and with Lebanon's luck:

Politicians will get most of it and/or a new technology, bypassing oil, will be found on the first day Leb starts pumping oil.

Default-user-icon OldHand (Guest) 03 November 2012, 11:13

What we know about Lebanon and Lebanon's luck:

Politicians will get most of it and/or a new technology, bypassing oil, will be found on the first day Leb starts pumping oil.

Missing peace 03 November 2012, 11:26

another subject of fighting between the eager politicians we have.

i wonder if the average citizen will ever benefit from the exploitation of the gas resources....

Missing chouf1 03 November 2012, 12:39

Good news not for our people but for the thieves politicians..

Default-user-icon marc (Guest) 03 November 2012, 13:16

Oil is a poison, the worse kind.
That will be the final blow to our poor country, beirut will be dubai, a visual and cultural horror, and the poor of course will remain poor.

Missing freeforever 03 November 2012, 14:12

We can't even export olive oil without killing each other, imagine petroleum products. The best Lebanon can do is leave this reserve buried under the ocean, it is better to be there than to be piped for free to Iran. This was Iran order given to Berri.

Default-user-icon pistachio (Guest) 03 November 2012, 15:19

oh, no! why couldn't they just discover some clean water . . .

Missing greatpierro 03 November 2012, 16:00

When we look at the appointments of the management board i have two thoughts:

1) does it make sense that the appointments are done on religious criteria. Is it not in the interest of all Lebanese thatonly the best, most competent, and honest candidates get selected whatever their background.

2) how come the candidates are only men? Should we not have also women holding responsibilities in this country.

Missing phillipo 03 November 2012, 17:14

Due to the current difficult political situation in Lebanon, the Government/President should establish a board of management made up entirely of foreign oil experts. That way things would be done as they should and the quicker the better bring much needed income into the Lebanese economy.

Missing gabby7 03 November 2012, 18:11

Hey Berri....Iran, Russia, or China will not do the drilling. You and your Shia will not sign contracts to get all the money while the hezz have guns. That means you will be dead before the drilling starts. Stop salivating.

Thumb ado.australia 03 November 2012, 19:38

Another excuse for a war in Lebanon! There is nothing good from this, just more theft from our politicians and what was foriegn manipulation of Lebanon will now become outright control.

No one is to blame but the Lebanese people themselves. They are self imposed slaves. They beg and idolise their leaders that rape and spit on them, and then they thank them because they are their religious sectarian bosses!

Default-user-icon FartThrower (Guest) 03 November 2012, 19:55

Hey assteez Nabeeh please stand up and let that gas come out you can't make that position you've been occupying for all these years any stinkier.

Missing youssefhaddad 03 November 2012, 20:57

Now the thieves will circle and will steal the oil and gas revenues before even anything is extracted!
Let us dig for patriotic,decent and honest leadership before anything else.

Missing helicopter 04 November 2012, 01:46

If we wait long enough Israel will do horizontal drilling from the zone and empty our wells. By the time we have our house in order the wells will be dry. Wake up people, throw away all the politicians and replace them with start fresh, educated and patriotic Lebanese.

Thumb kanaandian 04 November 2012, 05:15

Can be good news for Lebanon. You need to topple the thieves.

Default-user-icon hayalla (Guest) 04 November 2012, 05:16

Om fot naaaaaaaaam, seeer 7laaaaaaam innnu baladna saaret balad !!!!!!!!

Default-user-icon outsidelookingin (Guest) 04 November 2012, 09:25

If so many of you Lebanese are against your self serving politicians, get rid of them. It is time surely that all those civil war bosses and their families were changed out and fresh blood put in (ideally not US, Iranian, Syrian or Saudi stooges; but I realise that is a tall dream world). The suggestin above that Hariri is more honest then the rest is a bit odd! As an outsider looking in, the Hariri family seems to have profited more than most from 'helping' Lebanon.

Thumb Elemental 04 November 2012, 19:36

I already figured we had the regions greatest gas wealth ...look at how much gas comes out from the politics and political sectarian whining, pass the antacids please :)