AFP reported that Lebanon is technically ready to start drilling for offshore natural gas reserves after exploration in around half the country's exclusive economic zone was completed.

Mr Gebran Bassil its energy minister of Lebanon said that "Lebanon has now reached the stage where it can start drilling for gas. The country is technically ready to start issuing permits to enable extraction.

Mr Bassil said that two companies working with the Lebanese authorities that specialize in three dimensional explorations have already surveyed around half the exclusive economic zone. They found a large number of gas reservoirs all along the coast.

He said that the area off the southern coast alone contains 12 trillion cubic feet of natural gas which if extracted could be enough to cover Lebanon's electricity production needs for 99 years. The country suffers systematic power cuts, because of corruption and damage to old plants caused by the 1975 to 1990 civil war. Gas and oil could also help pay off some of its accumulated debt.

In August 2011, parliament passed a law setting the country's maritime boundary and EEZ in which it has special rights to explore and exploit natural resources. Lebanon has been slow to exploit its maritime resources compared with other eastern Mediterranean countries. Israel, Cyprus and Turkey are all much more advanced in drilling for oil and gas.

The country has submitted to the United Nations a maritime map that conflicts significantly with one proposed by Israel. The disputed zone consists of about 854 square kilometers and suspected energy reserves there could generate billions of dollars.

Source - AFP

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