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The Biggest Problem For The Aramco IPO

The Biggest Problem For The Aramco IPO

While Saudi Arabia gears up…

A Complete U.S. Foreign Policy Failure

A Complete U.S. Foreign Policy Failure

The recent foreign policy shift…

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

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  • 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.

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