Global Arab Network | Lebanon to invite offshore gas tenders within three months

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Lebanon to invite offshore gas tenders within three months

Global Arab Network - - Sarah Khan

Sunday, 08 January 2012 22:40

Global Arab Network - Lebanon aims to invite tenders to explore for offshore gas within three months, the energy minister said, downplaying the risk of conflict with Israel despite a dispute over the maritime border.

"Our target is to begin within three months," Energy Minister Gebran Bassil said.

"We now have everything required for an oil company to have enough information to begin its activities, and we are on the right track to start offshore drilling."

Bassil said Lebanon hoped to have exploration contracts with international oil companies signed and sealed by the end of the year.

He said European, US, Chinese and Russian firms had already shown serious interest in drilling off Lebanon's coast.

"Every big oil company has begun initial talks to explore offshore drilling and bought data to that end," he said.

Bassil played down the risk of conflict with Israel over the potential reserves, despite a longstanding dispute over the maritime boundary between the two neighbours, which remain technically in a state of war.

"We are working on making potential drilling a factor of stability, not a factor of conflict or instability," Bassil said.

"I believe that Israel has no interest in threatening our oil resources," he added.

"It has resources itself -- it's a balance of power, and Lebanon now has enough power to protect its own resources."

Lebanon's Hezbollah-dominated cabinet endorsed plans to implement legislation on Wednesday that will clear the way for offshore oil and gas exploration.

In August, parliament passed a law setting Lebanon's maritime boundary and Exclusive Economic Zone.

Lebanon has also submitted to the United Nations a maritime map that conflicts significantly with one proposed by Israel. (AFP)

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