This article by Sarah Samir was originally published on the "Egypt Oil and Gas Newspaper" website. 

"...For years, studies have been showing that Lebanon has access for oil and natural gas reserves. “Studies indicated that there is nearly 1.7 billion barrels of technically recoverable oil and 122 trillion cubic feet of technically recoverable gas in the Levant Basin, of which part of each is found in Lebanon,” stated a Fransabank study entitled “Is Lebanon Really an Oil and Gas Producing Country?”

Lebanon owns “offshore oil reserves estimated to be anywhere between 440 [million] and 675 [million]  barrels, and possibly as much as 96 [trillion] cubic feet (tcf) of offshore natural gas reserves, potentially worth a combined $300-$600 [billion],” according to an article written by Pinsent Mansons’ Senior Associate, Niazi Kabalan,  under the title of “Lebanon – a new frontier for hydrocarbons.”.... Continue reading here. 

Lebanon will start drilling its first exploratory well in 2019, and it is assumed that it will take between 3-5 years to know whether it actually owns gas or not,” Diana Kaissy, Executive Director at the Lebanese Oil and Gas Initiative (LOGI), told Egypt Oil & Gas..."