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Lebanon Offshore Oil Survey Will Be Ready This Week

(Corrects field’s location in third paragraph.)

Spectrum ASA (SPU), an oil and gas services provider, said it’s due to complete a three-dimensional seismic survey this week of Lebanon’s offshore waters.

Initial results will be available in November, the company said today in a statement handed to journalists aboard a vessel off Beirut. The final version will be ready early next year, as required by the Lebanese government and in time for the country’s planned first licensing round, it said.

Lebanon is seeking to catch up with Israel, which has discovered enough fuel off its northern coast for itself and to potentially start exports. One offshore field located about 124 kilometers (80 miles) southwest of the Lebanese capital Beirut is estimated to contain as much as 12 trillion cubic feet of gas, Energy Minister Gebran Bassil told reporters aboard the vessel.

Surveys have been carried out on a 10,500 kilometer coastal area, the minister said. Twenty-six companies have bought surveys of Lebanon’s offshore area for a total of $90 million, he said.

The Middle East waters are a “promising area” for hydrocarbon exploration and may attract investments from international companies when the licensing round starts, Bassil said.

To contact the reporter on this story: Donna Abu-Nasr in Dubai at dabunasr@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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