Lebanon moves towards offshore licensing
UK-based seismic company Spectrum Energy has completed its 2D survey offshore Lebanon. The seismic data findings presented last week is said to indicate potential offshore hydrocarbon deposits. Specifically, it shows Lebanon has geological features that are indicative of hydrocarbons, but that their presence can only be proven through exploratory drilling.
The data indicates the hydrocarbon potential is best off the northern part of the country, as oppose to its southern region. These latest findings reinforce Spectrum's 2000 survey, which covered the international waters of the Mediterranean sea off Lebanon.
Spectrum was contracted to conduct the current survey by Lebanon's Ministry of Energy and Water. Under the terms of the deal, Spectrum will receive 80 percent of the revenues received from oil companies interested in exploring the Mediterranean shores of Lebanon, while the rest will be retained by the Lebanese government.
With the exception of a small block near the Syrian border, which was put on the market in 1994 but received no bids, offshore Lebanon has never before seen any licensing activity. However, with an offshore area of around 20,000 square kilometers it has plenty of acreage. — (menareport.com)
© 2003 Mena Report (www.menareport.com)