‘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. 


Sudan says Nile dam talks delayed for ‘consultations’

Updated 7 min 34 sec ago

Sudan says Nile dam talks delayed for ‘consultations’

  • Talks between Ethiopia, Egypt and Sudan were suspended last week after Addis Ababa

KHARTOUM: Sudan on Monday said that negotiations over Ethiopia’s massive and controversial dam construction on the Blue Nile have been postponed for a week.
Talks between Ethiopia, Egypt and Sudan were suspended last week after Addis Ababa insisted on linking them to renegotiating a deal on sharing the waters of the Blue Nile.
“A meeting at the level of ministers of the three countries took place on Monday, during which Sudan asked to postpone the next meeting for one week for internal consultations,” Sudan’s water ministry said in a statement.
Egypt and Sudan view the Grand Ethiopian Renaissance Dam (GERD) dam as a threat to vital water supplies, while Ethiopia considers it crucial for its electrification and development.
South Africa, which holds the presidency of the African Union and is mediating negotiations, has urged the countries to “remain involved” in the talks.