Report: New Oil, Gas Reserves Discovered Off Northern Lebanon

إقرأ هذا الخبر بالعربية W460

New oil reserves were found off Lebanon's shore along it's northern maritime boundary with Cyprus and Syria, which could generate billions of dollars.

According to a report published by Beicip Franlab, a French consultant, there are around 440 million barrels of oil in the area and the quantity could reach 675 million barrels.

Lebanon had previously announced the discovery of offshore gas and oil along the Cypriot-Israeli maritime border.

However, a disputed zone with Israel, which consists of about 854 square kilometers (330 square miles), has delayed the exploitation of oil wealth in the area.

The government has continuously warned that Lebanon will not give up its maritime rights and accuses Israel of violating its waters, territory and air space.

In August 2011, the parliament passed a law setting Lebanon's maritime boundary and Exclusive Economic Zone.

An Nahar newspaper said that the area, according to Franlab's report, also includes around 15 trillion square feet of gas.

Energy Minister Jebran Bassil told the daily that “the discovery constitutes an additional income for Lebanon and would attract important oil exploration companies.”

The minister pointed out that the oil and gas reserves are found in large quantities along Lebanese shores, which indicate that the exploration costs will decrease while the state's financial gains will rise.

He previously said that European, U.S., Chinese and Russian firms had already shown serious interest in drilling off Lebanon's coast.

Bassil told the daily that Lebanon will launch the tenders within the upcoming few days, revealing that there will be more “pleasant news soon” concerning the matter.

The cabinet endorsed plans in January 2012 to implement legislation that will clear the way for offshore oil and gas exploration.

Comments 11
Missing greatpierro 13 February 2013, 08:57

We should all be happy that Assad regime is vacillating. Assad regime would not have allowed Lebanon exploit its oil resources in the north. Lebanon is not allowed to take its share of water from the shared river betwenn Syrian and Lebanon: only 10% from Nahr el Kabir and 20% Nahr el Assi. for the sake of comparison Lebanon is taking 45% share from the Wazzani. M8 pls tell us who is the enemy.

Missing 13 February 2013, 09:04


Also please provide references to your figures.

Missing greatpierro 13 February 2013, 18:00

My pleasure:
1) El Assi: agreement signed in 1994, Lebanon can take 80million m3 of the 400million m3 the rest goes for Syria.
2) Nahr El Kabir: agreeement signed in 2002, Lebanon share 40%, however Lebanon has not been allowed by Syria to build any dam while the Syrians have 3 dams on the Nahr El Kabir.
3) Wazzani: Lebanon takes 15m3 of the 35m3 of the Wazzani, the rest goes into Israel

Missing allouchi 13 February 2013, 14:53

both are...

Default-user-icon Joezz (Guest) 13 February 2013, 08:59

how are we discovering oil without drilling????

Thumb mouallek 13 February 2013, 12:47

Thanks God we have boastful idiots like you to explain that energy consultancy companies exist. That does not mean however that the thief in chief is not using the matter for self promotion.

Missing allouchi 13 February 2013, 14:52


Default-user-icon Joezz (Guest) 13 February 2013, 14:53

so companies spending 400k usd/day on drilling projects are doing it because it happens that they yare cavemen in their business field?

Default-user-icon K (Guest) 13 February 2013, 12:17

I hope all the returns from this natural resource won't go to the bloody politicians' pockets and share it together

Missing un520 13 February 2013, 17:00

Seismic signals can only deternmine if there is reservoirs, but drilling is needed to know if there is hydrocarbons or water in them. If there is hydrocarbons the questions is weather if its commercial relevant.

Missing peace 13 February 2013, 23:08

i will rejoice of these discoveries the day i ll see the average lebanese citizen benefit from it... but knowing how it goes on and how politicians do not care about lebanese i m afraid lebanon will look like nigeria where only the corrupted gvt gets all and the citizens nothing....