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Oil discovery in northern Lebanese waters
French consulting firm Beicip Franlab (advisors to the Lebanese Ministry of Energy and Water) have published a report which has shown for the first time the existence of significant oil reserves in Lebanese territorial waters, close to Lebanons northern maritime boundary with Cyprus and Syria.
According to the report, there are at least five reservoirs in this northern offshore area. The quantities reported are estimated from data taken from three out of five reservoirs surveyed and analysed.
The Lebanese Minister of Energy noted that the presence of liquid in this area supports experts expectations of a high probability of oil in deep waters in other areas.
With gas reserves estimated between 12-16 TCF, Lebanons First Licensing Round is attracting key industry players. The indication that Lebanese offshore waters may likely contain oil reserves is expected to further boost the industrys interest.
Entrants into this exciting new oil and gas frontier would benefit from obtaining expert guidance on the complex legal environments for frontier exploration. Clyde & Cos leading oil and gas team has worked extensively in frontier markets and challenging jurisdictions and, being the largest international law firm based in the Middle East, is well placed, in tandem with Kabalan Laws expertise in Lebanon and the region, to advise private sector companies as well as governments, agencies and institutions looking to venture into this exciting new oil and gas frontier.
If you would like further information on any issue raised in this update please contact:
George Booth, Partner
Further advice should be taken before relying on the contents of this summary.
Kabalan Law is a law firm registered as Etude Maitre Noureddine Kabalan with the Beirut Bar Association.