Lebanon Has More Offshore Gas Than Cyprus, Syria

Lebanon has a bigger natural gas deposits in the eastern Mediterranean than that of Cyprus and Syria, the Daily Star has reported. The survey was conducted by Norway-based Spectrum Company.

The CEO of Spectrum Company, David Rowlands, said that the Levantine basin offshore Lebanon was more perceptive than offshore Cyprus and Syria. He added that the prospects of finding oil off the Lebanese coast were good but noted that gas was still more favourable, the newspaper said.

He added that many of the energy companies that were waiting for the bidding for gas to start were very frustrated by the government’s inability to name the six members for the Petroleum Committee which would oversee the issuance of the licenses.

“It is vitally important that the Lebanese government announce the petroleum administration so it can do its work and announce the opening of the first license. I talked to foreign oil companies and I can tell you that they are frustrated by the delay in appointing members of the administration.”