and gas aerial survey begins
Operations to cover 6,000 sq km in the north
US-based NEOS Geosolutions MENA launched its Cessna flying operations over the northern half of the country, covering an area of 6,000 square kilometers.
The result of a January agreement between the Ministry of Energy and Water (MoEW) and Petroserv, the company’s local representative, the airborne survey reduces the examination of the area from three years to one.
According to the agreement, the ministry will not bear the cost of the Cedars Oil survey, which will be funded by anonymous underwriters. These may be companies interested in the exploration and production phase, or investors who have a particular interest in the venture. The ministry will receive a percentage of the profits, from NEOS, based on the amount of data that will be sold.
Last year, the ministry launched on-land 2D surveys for potential onshore oil and gas deposits. The surveys required mapping several seismic lines over a 500 kilometer area. British firm Spectrum conducted the first data acquisition on the Qartaba line between Batroun and Laboueh.
Cedar Oil’s terrestrial finds will not be divided into blocks, similar to the maritime blocks demarked by the Lebanese Petroleum Administration in preparation for offshore oil and gas bidding rounds.
Lebanon’s first onshore petroleum law was first ratified in 1933 and later modified in 1974. The Ministry of Energy and Water is preparing a new onshore oil law and legislations depending on the survey results.
Reported by Yassmine Alieh
Date Posted: Oct 09, 2014