Lebanon's offshore natural gas potential is estimated at 25 trillion cubic feet (TCF), according to an estimate by an international company. The report covers an area in the southwest corner of Lebanon's exclusive economic zone (EEZ) near Israel and Cyprus's EEZs.
Lebanese daily "The Daily Star" reports that the Lebanese government hired Spectrum Geo Ltd. to conduct a 3D seismic survey off the Lebanese coast. It adds that experts estimate the value of the gas at $40 billion.
"In the 3,000 square kilometers we are covering in the southwest corner of Lebanon, near the borders of Cyprus and Israel, an initial assessment [indicates] there may be 25 trillion cubic feet of gas,” Spectrum Geo CEO David Rowlands told "The Daily Star".
"The results so far have been more than encouraging as major US, European, and Asian companies have expressed a keen interest in drilling gas off the Lebanese coast," "The Daily Star" says.
Rowlands told the paper that the total maritime area to be surveyed was 22,000 square kilometers, meaning that gas levels could be higher than initial estimates show.
Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2012
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