US-based NEOS has announced that a frontier oil and gas province could be emerging in Lebanon, after completing prospective studies in the country
The company, which specialises in multi-measurement sub-surface interpretation, has interpreted geoscience datasets and identified several indicators of a hydrocarbon system.
The results have emerged after the company carried out the neoBASIN study to evaluate the prospects in the 6,000 sq km area onshore in the northern half of the country.
NEOS president and CEO Jim Hollis said, “Given that only seven wells have ever been drilled in Lebanon, I believe the potential upside from additional exploration – including drilling – is huge.”
Based on the results, there is evidence of hydrocarbon-generating source rock and oil seeps, structural traps with resistivity anomalies and multiple ‘stacked’ play types throughout the project area.
Lebanese minister for energy and water Arthur Nazarian said, “This neoBASIN project has put the topic of onshore oil and gas exploration on the top of our national agenda once again. As an indication of the importance in which we hold this project, the oil ministry will begin undertaking all of the necessary procedures to ensure the development of a vibrant onshore exploration sector.”
NEOS is developing plans to acquire additional data, including seismic over the most promising structures, to further de-risk the opportunity and to secure the capital needed to drill the most promising locations, revealed Hollis. The interpretative products are now available for license to interested exploration and production operators.
