Hizbullah calls Lebanon government to invest in gas exploration following Israeli announcement
The head of "Loyalty to the Resistance" bloc, which includes Hizbullah deputies in the Lebanese Parliament including MP Mohammad Raad, urged the Lebanese authorities to speed up the investment in oil wealth discovered in its waters, in order to prevent the Israeli government to reach out to this wealth.
Safir newspaper quoted on Thursday, Raad as saying: "Day after day history proves it has no mercy on those who are slow in investing in the development of national wealth, whether in water or in oil", adding that future generations will judge this slowdown which amounts to negligence on the national level and waste." MP Raad added that "the discovery of oil reserves in our national territorial waters should increase the attention of all officials to act and make the utmost efforts in order to start the investment operations, and jump over all the bureaucratic procedures, because the issue is a challenge and a national must hin order to block the Zionist enemy and prevent the hand that extends to this wealth."
On Wednesday, Israel officially announced the results of prospecting and exploration for gas in the field of "Leviatan", located northwest of Haifa in the area adjacent to the borders of the Lebanese waters. They indicated that the field contains 16 trillion cubic feet of gas, equivalent to 453 billion cubic meters, a figure about 80 percent higher compared to gas discovered in the field of Tamar, which is located on the distance of 47 kilometers from south-east.
- A 'subtle' change: new Saudi King keeps tight grip on oil policy
- Murky oil: no clear vision on medium-term prices
- Less drilling: decline inevitable as oil prices likely to remain low
- Not so delusional after all? Saudi oil strategy beginning to 'pay off'
- North Dakota vs. Saudi Arabia: how far is the American shale boom going?