‘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. 


Erdogan says Somalia has invited Turkey to explore for oil in its seas

Updated 20 January 2020

Erdogan says Somalia has invited Turkey to explore for oil in its seas

  • Ankara and Libya’s internationally recognized government signed a maritime delimitation agreement in 2019

ANKARA: Turkish President Recep Tayyip Erdogan said on Monday that Somalia had invited Turkey to explore for oil in its seas, after Ankara and Libya’s internationally recognized government signed a maritime delimitation agreement last year, according to broadcaster NTV.

“There is an offer from Somalia. They are saying: ‘There is oil in our seas. You are carrying out these operations with Libya, but you can also do them here.’ This is very important for us,” Erdogan was cited as saying by NTV. “Therefore, there will be steps that we will take in our operations there.”