PGS: Too Early To Speculate On Lebanon’s Oil, Gas Wealth

It is very difficult, if not impossible, to estimate Lebanon’s natural gas and oil wealth before drilling activities commence, according to the regional manager of PGS MultiClient, one of two geological surveyors that have surveyed Lebanon’s offshore.

“In my view, to talk about tens of TCF [trillion cubic feet of gas] or millions of barrels of oil at this stage is only guessing and could be misleading,” Per Helge Semb told The Daily Star in an email exchange. “My view of what is correct to say at this stage is that the prospectiveness is high.”

 Companies spend 110$ million to buy geological data, the matter which shows substantial reserves. 
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