UK firm Spectrum has started its first onshore oil and gas survey in the Batroun region in Lebanon
According to regional newspaper The Daily Star, the company brought advanced mobile equipment to Batroun to explore oil and gas prospects in the area.
The first phase of the onshore oil and gas survey will continue until November, while the second phase will resume after the winter rainy season.
Lebanon reportedly has substantial oil and gas wealth buried deep onshore, as some of the country’s geological structure is similar to Syria.
Spectrum executive vice president David Rowlands said that results of this oil and gas survey would take several months at least.
“We have to study the land terrains and try to obtain permission from the owners of the land and municipalities before we survey for oil and gas. This is a long process,” Rowlands said.
When asked about fate of gas licenses off the Lebanese coast, Rowlands said that companies were still waiting for the passage of two decrees announcing the ten blocks available for bidding, the newspaper reported.
The decrees, demarcating 10 maritime oil exploration blocks and establishing a revenue-sharing model, require cabinet approval before oil and gas contracts can be awarded.
Delays in issuing the decrees could postpone offshore drilling and exploration. According to the Daily Star, 46 international companies have submitted offers to drill for gas and oil off the Lebanese coast.
