The first phase of the onshore oil and gas survey started in the Batroun region amid expectations that Lebanon might be sitting on considerable gas wealth in some areas.
The British-based company Spectrum brought advanced mobile equipment to Batroun to explore the prospects of oil and gas in the area.
A spokesman for the company told The Daily Star that the first phase of the onshore oil and gas survey would continue until November.
He said the second phase would resume after the winter rainy season.
Experts believe that Lebanon may have substantial oil and gas wealth buried deep onshore, adding that some of the country’s geological structure is similar to Syria, which also has oil in its territories.
David Rowlands, the executive vice president of Spectrum , told The Daily Star that the results of this oil and gas survey would take several months at least.
“We have to study the land terrains and try to obtain permission from the owners of the land and municipalities before we survey for oil and gas. This is a long process,” Rowlands explained.
Asked about fate of gas licenses off the Lebanese coast, he said that companies were still waiting for the passage of two decrees announcing the 10 blocks available for bidding.
The decrees, demarcating 10 maritime oil exploration blocks and establishing a revenue-sharing model, require Cabinet approval before oil and gas contracts can be awarded.
Forty-six international companies have submitted offers to drill for gas and oil off the Lebanese coast, but the delay in approving two important decrees has derailed efforts to draw the final list of companies that would start actual exploration.
The Daily Star