Survey of Lebanese coasts indicate existence of oil, gas

The Lebanese minister of energy and waters, Muhammad Abdul Hameed Beidoun, on Thursday announced that the Seismic survey carried out by the British Spectrum company in the Lebanese coast showed great potentials for oil and gas inside it.

Beidoun told journalists that the indicators are very important and promising and "we can say that the year 2003 will be for us the year to join the membership of the oil producing countries."

Beidoun explained that Lebanon has started preparation for the legal part to make a bid for oil exploration companies in a region of 5,000 square kilometers in the surveyed area inside the Lebanese territorial waters and other 3,000 square meters outside it.

The maps indicated that Lebanon has a special basin of which 80% is located inside the territorial waters.

On August 18, 2002 Lebanon assigned Spectrum to carry out a study to be put at the disposal at companies concerned.

Well- informed sources said that 6 internationally renowned exploration companies have so far bought the Seismic survey, completed by Spectrum within 4 months.