Lebanon Businessnews News
 

Oil and gas data analysis nearing completion
A step closer to exploration and production
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The analysis of three-dimensional surveys of Lebanon’s offshore Exclusive Economic Zone will be completed. “The second and final part of the 3D survey analysis will be completed by the end of next month,” said Nasser Hoteit, Chairman of the Petroleum Administration.

Spectrum, the UK-based oil and gas service provider, which was mandated by the Government to survey potential gas reserves off the coast, finished its 3D seismic survey in late 2012.

The coastal EEZ covers 21,000 square kilometers. Spectrum said that alone the southwest area of the coast, covering 3,000 sq. k, has over 25 trillion cubic feet of gas.

This brings efforts for exploration and production closer, as politics weighs down on the subject’s progress. This was evident in the low turnout rate of the ministry’s annual oil and gas forum held on October 22.
Reported by Yassmine Alieh
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Date Posted: Oct 22, 2014