Lebanon may have more offshore natural gas deposits than Cyprus and Syria, based on a recent 3-D seismic survey.
Mr David Rowlands CEO of Norway based Spectrum Company said that “My humble opinion based on the data that I have is that there is greater potential for natural gas offshore Lebanon than offshore Cyprus and offshore Syria. The Levantine basin offshore Lebanon was more perceptive than offshore Cyprus and Syria.
Mr Rowlands said that these results were based on data gathered from Lebanon, Cyprus and Syria by Spectrum and its partner Dolphin Geophysical which is surveying the Lebanese coast with its high capacity seismic vessel, M/V Polar Duke. We compared the data of offshore Lebanon with the data of offshore Cyprus and Syria.
He said that as of this morning, the Polar Duke has acquired 650 square kilometers off the Lebanese coast. The productivity of the vessel is excellent and much better than average. Normally a 3-D vessel acquired about 50 kilometers each day but Polar Duke was averaging 85 kilometers each day off the Lebanese coast. We have achieved this result because the sea is very calm so the productivity is excellent. Processing this data would not be completed until January 2013.
Mr Rowlands said that “The processing of the data will be then done onshore. The early results have shown us structure which has never been seen before. The geological structures are favorable for accumulation of gas and this has never been seen before at this early stage. The area which the vessel was surveying was 3,000 square km in the southwest offshore Lebanon.”
He stressed that the prospects of finding oil off the Lebanese coast were good but noted that gas was still more favorable. 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 6 members for the Petroleum Committee which would oversee the issuance of the licenses.
He said that 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.
Source - The Daily Star
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