Nothing much has been happening in Lebanon. The significant interest expressed by international oil and gas companies was promising. The amount of gas estimated to be lying in Lebanese waters caught the attention of international oil and gas giants. The ambitious timeline promised that production will start by 2016. In other words, by 2020 Lebanon will not only be in a position to become self-sufficient in terms of its energy needs and a major gas exporter but to also emerge from a burdening public debt of $59.1 billion equivalent to around 120% of its GDP (as at April 2013).
British geological surveyor Spectrum has estimated that Lebanese waters could hold up to 25 trillion cubic feet of gas and 440 million to 660 million barrels of oil. Recent estimates even indicated that Lebanon could have as much as 27 trillion cubic feet of gas. On 2 May 2013, Lebanon’s Petroleum Administration[1] and the Ministry of Energy and Water[2] launched the first licensing round. The pre-qualification round attracted 52 companies from 25 different countries. A total of 46 International Oil Companies were selected, 12 of which as operators and 34 as non-operators.