• 3 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 8 hours British Utility Companies Brace For Major Reforms
  • 12 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 14 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 15 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 16 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 17 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 18 hours Rosneft Signs $400M Deal With Kurdistan
  • 20 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 8 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Oil Prices Spike On Middle East Tensions

Oil Prices Spike On Middle East Tensions

Oil prices jumped upwards on…

Chinese EV Boom Could Crash Oil Prices

Chinese EV Boom Could Crash Oil Prices

Most oil majors acknowledge that…

Lebanon Gets Seismic As Israel Prepares To Develop Massive Gas Field

Oil Rig

Seismic surveys now show that Lebanon’s portion of the prolific Levant Basin is showing promising oil and gas reserves, as the country lags far behind Israel in tapping into this Mediterranean hydrocarbon wealth.

After years of delay, Lebanon’s petroleum authority has finally obtained seismic surveys—tasked as far back as 2002—showing that oil reservoirs in the southern region, particularly in Blocks 8 and 9, could have significant potential.

Surveys obtained by the petroleum authority have now been submitted to Lebanon’s Speaker, Nabih Berri, Prime Minister Tammam Salam and Energy Minister Arthur Nazarian, according to Lebanese media reports.

The reports claim to reveal new information proving the presence of oil, most prominently in Block 8.

While Lebanon has delayed key legislation that would allow exploration of the Levant Basin to move forward—due largely to a failure to reach a political quorum—Israel’s recent move to authorize the development of its giant Leviathan gas field has made the issue more urgent in Beirut.

The two country’s oilfields could overlap, and the concern for Lebanon is that Israel has a considerable head start. Lebanon and Israel dispute a maritime zone that covers over 850 square kilometers and is believed to contain considerable oil and gas reserves.

Related: Shell’s Ambitious Plan To Topple Exxon

In 2010, the U.S. Geological Survey estimated a mean of 1.7 billion barrels of recoverable oil and a mean of 34.5 trillion cubic meters of recoverable gas in the Levant Basin. Lebanon, Israel, Syria and Cyprus all share this basin.

The Energy Ministry had drafted an Exploration and Production Agreement, and 43 international oil majors had submitted bids for “promising” finds in Lebanese waters, but the process stalled in March 2013 with a change in government. Two decrees necessary to approve the international tender went unsigned. Disagreements remain over the designation of blocks open for bidding, as well as over the terms of the draft exploration agreement.

There is a sudden new push to move forward now, but political inaction continues to rule the day.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • BS Buster on June 27 2016 said:
    To joe: increase the dosage...
  • joe on June 24 2016 said:
    and there you have it folks !!!! THAT is the reason ISIS exists and the reason for the confiscation of Syrian land and why the jew will send the goy son to die for its wars.

    Israeli Intel Chief: We Don’t Want ISIS Defeated in Syria
    Says ISIS Faces Difficulty, Loss Would Put Israel in 'Hard Position'
    by Jason Ditz, June 21, 2016
    Print This | Share This
    In a speech at the Herzliya Conference, Israel’s military intelligence chief, Major General Herzi Halevy, took Israel’s long-standing position that it “prefers ISIS” over the Syrian government to a whole ‘nother level, declaring openly that Israel does not want to see ISIS defeated in the war.
    Quoted in the Hebrew-language NRG site, linked to Maariv, Maj. Gen. Halevy expressed concern about the recent offensives against ISIS territory, saying that in the last three months the Islamist group was facing the “most difficult” situation since its inception and declaration of a caliphate.
    Israeli officials have regularly expressed comfort with the idea of ISIS conquering the whole of Syria, saying they find it preferable to the Iran-allied government surviving the war. At the same time, they were never so overtly supportive of ISIS and its survival.
    Halevy went on to express concern that the defeat of ISIS might mean the “superpowers” leaving Syria, saying this would put Israel “in a hard position” after being so opposed to the survival of the Syrian government.
    He then said Israel will do “all we can so as to not find ourselves in such a situation,” suggesting that the Israeli military is looking at direct support for ISIS as a matter of policy, and not just rhetoric.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News