‘High probability’ of finding oil and gas reserves in Lebanon next year, claims former PM

Former Prime Minister Fouad Siniora said confirmation might come in January 2020. (File/AFP)
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Updated 12 December 2019

‘High probability’ of finding oil and gas reserves in Lebanon next year, claims former PM

  • Siniora hoped exploration companies would “extract something” in January
  • If the ventures succeed, it would take six to seven years to see its impact on Lebanon’s economy, he said

DUBAI: There is “high probability” of finding oil and gas reserves in Lebanon by early 2020, according to the country’s former Prime Minister Fouad Siniora.

Although Siniora said “nobody knows whether we have proven reserves,” in an interview with UAE’s WAM, he hoped exploration companies would “extract something” in January.

His comments come a year after Lebanon, which has limited natural resources, signed its first offshore oil and gas exploration contracts in 2018 with three major energy companies – France’s Total, Italy’s Eni, and Russia’s Novatek.

Siniora said exploration companies carried out studies and analysis of the area before investing in Lebanon.

Siniora explained the fact they invested money means the results of the studies were “positive.”

Meanwhile local media reports showed a document from Lebanese Petroleum Administration, a regulatory body in the country’s oil and gas sector, indicating “potential” oil and gas source rocks in the Levant basin, according to WAM.

If the ventures succeed, it would take six to seven years to see its impact on Lebanon’s economy, Siniora explained. 


Israel strikes Hamas positions in Gaza over fire balloons

Updated 8 min 20 sec ago

Israel strikes Hamas positions in Gaza over fire balloons

JERUSALEM: The Israeli military said Wednesday it carried out overnight strikes on Hamas targets in the Gaza Strip after incendiary balloons were launched across the border from the Palestinian enclave.
The army said the strikes were “retaliation” for the launching of multiple balloons from the Hamas-run enclave in recent days.
Jets, attack helicopters and tanks struck a number of Hamas targets including “underground infrastructure and observation posts,” a statement said.
Fire services in southern Israel said the balloons caused 60 fires on Tuesday alone but reported no casualties.
Explosives tied to balloons and kites first emerged as a weapon in Gaza during intense protests in 2018, when the makeshift devices drifted across the border daily, causing thousands of fires in Israeli farms and communities.
Israel has closed its Kerem Shalom goods crossing with the Gaza Strip in response to the recent balloon launches.
Hamas denounced the closure as an “aggressive” move that showed Israel’s “insistence on laying siege” to Gaza, and warned it could cause further worsening of the humanitarian situation in the territory.
As the Kerem Shalom crossing closed, the Rafah crossing between Gaza and Egypt opened Tuesday for the first time since April.
Traffic in both directions was to be permitted for three days, allowing Gazans to leave the enclave for the first time since the start of the pandemic.
The Rafah crossing provides Gaza’s sole access to the outside world not controlled by Israel.
The Palestinian territory has been under an Israeli blockade since 2007.
Hamas and Israel have fought three wars since 2008.
Despite a truce last year, backed by the UN, Egypt and Qatar, the two sides clash sporadically with rockets, mortar fire or incendiary balloons.
Palestinian analysts say cross-border fire from Gaza is often used as a bargaining tool to secure Israel’s green light for the entry of Qatari financial aid into the territory.