More Gas Potential in Lebanon's Northern Waters

Oil and gas reserves are likely to be discovered in the Lebanese waters along the country's northern maritime boundary with Cyprus and Syria, according to the the French oil and gas consultant Beicip Franlab[i].

Around 675 million barrels of oil are expected to be found in the area.

Lebanon’s northern waters are also suspected to contain 15 trillion square feet of gas. Energy minister Gebran Bassil told The Daily Star that ‘the discovery constitutes an additional income for Lebanon and would attract important oil exploration companies’. He added that the large quantities of oil and gas reserves found along Lebanese shores indicate that the exploration costs will decrease while the state’s financial gains will increase.

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