DUBAI: Although there is no confirmation about oil and gas reserves in Lebanon, it is a “high probability” to be confirmed by early 2020, Fouad Siniora, Lebanon’s former Prime Minister said.
“First of all nobody knows whether we have proven reserves. What we have is high probability. So, once they [exploration companies] start digging in January, I hope they will extract something,” Siniora told the Emirates News Agency, WAM, in an exclusive interview in Dubai.
In February 2018, Lebanon signed its first offshore oil and gas exploration, and production contracts, for two energy blocks with a consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
The natural resources of Lebanon include limestone, iron ore, and salt.
Siniora said the exploration companies had conducted seismic surveys, studies and analysis before taking a decision to invest money in explorations in Lebanon.
“Had it not been positive, they would not have invested their money,” Lebanon’s Prime Minister from 2005 to 2009 said.
Media reports quoting the Lebanese Petroleum Administration, said an LPA document revealed the potential for several gas-prone and oil-prone source rocks in the Levant basin and noted that these rocks have reached maturity.