Lebanon to begin oil, gas exploration in 2015

Energy Minister Gibran Bassil says Lebanon will begin oil and gas exploration within two years. Bassil spoke on Friday while launching a pre-qualification process for companies that want to get licenses for oil and gas work off the Lebanese coast. “The deadline for submitting applications will be on March 28

440 to 675 mil. barrels of oil reserves off coast of Lebanon

French consultant Beicip Franlab published a report in which it estimates the reserve potential offshore Lebanon at 440 million-675 million barrels of oil and 15 trillion cubic feet of gas, according to UPI. The new oil reserves were found off Lebanon’s northern maritime boundary with Cyprus and Syria,