North coast may hold sizeable oil reserves too

Franlab concludes seismic survey analysis

The French oil and gas consulting firm, Beicip Franlab, has completed the analysis of two- and three-dimensional scans of three out of five potential oil and gas deposits in northern territorial waters. The company submitted the results in a report to the Ministry of Energy and Water (MoEW).

The report estimates some 440 million barrels of oil and 15 trillion cubic feet of natural gas could lie off the northwest coast. Oil and gas expert Rabih Yaghi said: “There is a big chance that the deposits could stretch to within the Cypriot and Syrian economic zones.”

Franlab acquired 2D and 3D scans from Spectrum, the UK-based oil and gas services provider. Yaghi said: “The French consultant had already analyzed data from the southern zone, where it found around 30 trillion cubic feet of gas.”

The estimated quantities would sustain Lebanon’s need for oil and gas for 15 years. “The results are very encouraging, although they are only estimations; the actual quantities will be determined once preliminary wells are constructed,” said Yaghi. A single well would cost around $150 million.

Revenues will not be generated before 2022 if all goes as planned, he said.