Lebanon Anticipating Discovery of ‘Huge Amount’ of Oil, Bassil Urges Cabinet to Take Swift Measures
The cabinet is expected to tackle during its session next week a decree set to organize the country’s natural resources sector, and swiftly appoint the members of the committee tasked with administrating the oil sector.
“For the first time in history we have studies that estimate the quantities (of oil wealth in our offshores), and they are huge… They are enough to secure the future of the coming generations,” Energy Minister Jebran Bassil told As Safir newspaper on Thursday.
He urged the cabinet to take the necessary measures swiftly and to avoid the “routine and bureaucratic ways.”
“All the decrees and agreements are ready… We need to quickly appoint the committee members and set up the international tenders,” the minister told the daily.
Speaker Nabih Berri held talks with his Cypriot counterpart during an official visit to Cyprus on Wednesday the maritime border between the two countries.
He held talks with Cypriot President Dimitris Christofias and Parliament Speaker Marios Garoian.
Berri asked Cypriot officials to reconsider an agreement between Cyprus and Israel on the exploration of the natural resources in a maritime area that Lebanese officials argue it violates their Exclusive Economic Zone.
The Israeli map conflicts with Lebanon's proposed maritime border. Beirut argues its map is in line with an armistice accord drawn up in 1949, an agreement which is not contested by Israel.
The EEZ disputed area consists of about 854 square kilometers, and suspected energy reserves there could generate billions of dollars.
Sources told As Safir newspaper that Lebanon is “waiting from Cyprus to rectify the error.”
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.
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