Bassil Opens Pre-Qualification Stage for Oil Companies to Explore Offshore Lebanon
إقرأ هذا الخبر بالعربية
Energy Minister Jebran Bassil announced on Friday the opening of the pre-qualification period for oil exploration companies interested in exploring Lebanon's offshore oil and gas reserves.
“The deadline for submitting applications will be on March 28 and the Petroleum Authority will announce after three weeks the list of accepted companies then we will begin the round of tenders, which will last until the end of the year,” Bassil said at a press conference.
The formation of the Petroleum Authority in November was the first major step in future oil exploration since parliament passed a law in 2011 setting the country's maritime boundary and Exclusive Economic Zone.
The minister reiterated that Lebanon will witness the first oil exploration process in 2015 and it will take the country a year to enter the production stage.
“Lebanon is on the path of producing oil and gas, there's no chance to go back now or stop... The dream became true, and reality will become prosperity,” Bassil told reporters.
He pointed out that the challenges are many “but we will overcome them.”
Bassil pledged to respect all the international standards and protocol concerning the matter.
“We began the seismic surveys which proves our success in that regard,” the minister added, calling on the government to respect the timing.
The cabinet endorsed plans in January 2012 to implement legislation that will clear the way for offshore oil and gas exploration.
In August 2011, the parliament passed a law setting Lebanon's maritime boundary and Exclusive Economic Zone.
Lebanon has been slow to exploit its maritime resources compared with other eastern Mediterranean countries. Israel, Cyprus and Turkey are all much more advanced in drilling for oil and gas.
The government has warned that Lebanon will not give up its maritime rights and accuses Israel of violating its waters, territory and air space.
Lebanon has also submitted to the United Nations a maritime map that conflicts significantly with one proposed by Israel.
Lebanon argues its map is in line with an armistice accord drawn up in 1949, an agreement which is not contested by Israel.
The disputed zone consists of about 854 square kilometers (330 square miles), and suspected energy reserves there could generate billions of dollars.
15 February 2013, 12:17
83
Lots of Hoopla over these oil and gas reserves ... After all is said and done they could just about pay the interest on the Lebanese national debt.
15 February 2013, 12:33
35
economically,its enough to pay the interest becose inflation will take care of the principal.but the most important is to know what is the comission of our honorable politicians,,and especially the wife of this lucky man his father in law his mother inlaw and all the...
15 February 2013, 13:44
40
Inflation will not take of the principle if the interest rates Lebanon has to pay go a lot higher. Another problem ... Much of the interest is payable in Euros not the Lebanese pound.
15 February 2013, 12:34
71
So far the oil doesn't amount to much. The nat-gas will be expensive to drill and transport. Both will take years to extract.
These pronouncements from the Lebanese media are but "feel good" reports to keep "hope alive" for an increasingly desperate Lebanon.
Then there are all the old actors who will have their fingers in this hydro-carbon cookie jar.
There will be some nice up front payments to be followed by small profit sharing ...
OBTW ... Please insist that the oil and nat gas be pumped to Lebanon not somewhere else ... that way there is a chance the product will be accounted for properly.
15 February 2013, 13:16
42
@ mowaten
It is better to be realistic ... According to the Daily Star there are $ 40 billion in gas reserves ... the percentage of revenue due the government will be but a fraction of that ... the oil reserves will be much less ...
15 February 2013, 13:19
42
@ mowaten
PS ... Lebanese debt stood at over $50 billion in 2011. As I said these oil and gas revenues won't come close to resolving the debt crisis. But as you say having these reserves is better than not having them and they will help.
15 February 2013, 13:31
41
@ FlameThrower
After all is said and done Lebanon will be lucky to get 20% out of the proceeds of the nat gas and oil sales revenues.
And as I said this will over the years it will take to extract these resources, just maybe cover the interest on the debt ...
That is if Lebanon can hold its credit rating and raising and rolling the debt at lower interest rates, Don't count on it.
15 February 2013, 22:56
00
It will take a minimum of 5-7 years to realize any real benefits from any oil and gas discovered, and that is only after they drill and find the gas/oil. We have no infrastructure in place and it would only be prudent to start building this infrastructure only after the oil and gas reserves have been realized and quantified.
While this is or may be good for Lebanon long term (after politicians take their cut), don't hold your breath for any immediate impact on our economy.
15 February 2013, 12:23
74
We have an expression in Spanish which is no vender la piel del oso antes de cazarlo which is similar to the one in arabic about not buying fish from the sea before it's in the net. I don't trust this man... I'm sorry but I don't.
15 February 2013, 15:09
38
Hala2 ya fa2ouss, sarett el payella ma3 chwai bazella inculturated and racist, ah 3am tehke 3an halak
15 February 2013, 12:28
12
what is good for lebanon and lebanese is always welcome
but to say others buried this dossier for ever under orders and doing thiese things against intl will is an achievement
at least its better than getting bedts
god bless lebanon and true lebaneses
15 February 2013, 12:31
62
What's your twitter name? I have one. we could join forces unless you feel it's risky.
15 February 2013, 14:19
52
get off your high horses BritLeb. The fall is going to be painful. I was offering assistance in conveying a message to our deal in-law. Keep this negative energy and aggressive stance for Hezballa when they'll search you at Rafik Hariri International Airport.
gracias.
16 February 2013, 11:39
00
I guess he doesn't understand your english. I was taken by surprise with his reply to you.
16 February 2013, 02:32
00
FT since u consider daily star and naharnet to be a mouth piece for m14 .. Then I ask u, which online news outlet is neutral BLEAZE bade 2a3rif ?
... Ah the orange room and al manar
15 February 2013, 13:05
44
Dude I couldnt care less about Hobeika or Bassil they are all the same..
15 February 2013, 13:42
33
Its is impossible to tell how much lebanons oil and gas is worth because prices change all the time. And it is definitely more than 40 billion, remember we also have onshore oil and gas, right now we are only taking offshore. But one thing is sure, Bassil has done a great job wether you are against him or with him, he has a degree in engineering and when he talks its not bullshit, Its powerpoints with graphs and facts. He the only politician so fare that has given a straight step by step plan for fixing the electricity. And for those saying: why dont he just build a new powerplant. Easier said than done, Mrs hariri took a loan for that but he never actually build it, instead stole the money leaving the lebanese state broke and unable to build one. Iran latter on actually offered building a power plant to lebanon for free, but as march 14 wouldn't allowed it, they don't care, they live a paris!
15 February 2013, 14:22
22
good to see such optimism but i am afraid that lebanon becomes like nigeria where only a few will profit from the wealth and citizens won t see the colour of it! when we know what our dear politicians are capable of to protect and develop their own profits....
15 February 2013, 14:47
44
Bassil is a thief just like his father in law...the FPM is a puppet of hizb and we all know it...
15 February 2013, 15:45
53
I hope there will be money left after all the thieves fill their pockets. I am not optimistic. They're all thieves, but the current government surpasses all.
15 February 2013, 15:59
15
I read a report that there is way more than 40 Billion mentionned above in this forum and that these riches will propell us.
Also quit the pessimism, the nagging, and the feeling sorry about yourslves. Over and over lebanon rose as a phoenix from adversity. With natural gas, we will once again rise from adversity.
15 February 2013, 17:42
00
I won't matter. They will steal all the revenues and we'll end up in even more debt!!
16 February 2013, 02:34
10
Who harriri ?
He's not my leader ..
All your leaders live underground :)
16 February 2013, 02:35
00
FT be realistic here, everyone of interest who goes thru Beirut airport gets followed then assisnated
