Prospects of substantial gas and oil reserves offshore, onshore and near the coast in Lebanon are quite high, said experts speaking at the Lebanon International Oil and Gas Summit 2012 as ongoing seismic surveys reveal even more promising geological structures.

Neil Hodgson, new ventures manager at Spectrum, a British company which in October completed a first phase survey of 2,320 square kilometers to the south of Lebanon’s Exclusive Economic Zone, said analysis of seismic data is increasingly showing high prospects.