Gas reserve found in Lebanon

24 September 2012 - 2:24pm

Spectrum (UK) has found 25 trillion cubic feet of gas reserves in the southern areas of Lebanon during geological exploration in the territorial waters and the exclusive economic zone of the country in the Mediterranean Sea, reports.

The gas volumes may cost about $40 billion. Lebanon has more gas reserves that annual extraction in Russia. Spectrum says that the reserves exceed those of Cyprus (5-6 trillion cubic feet).

Gazprom (Russia) wants to become a member of the concession.

The Israeli shelf of the Mediterranean Sea has about 30-32 trillion cubic feet of gas reserves, discovered recently.

Secretary General of the World Energy Council Rudy Baroudi said that Lebanon had more oil and gas reserves than discovered by Spectrum. The country may extract about 90,000 barrels of oil daily for about 20 years.

Read also

Sep 19 2014 - 20:34
The Russian ministry of energy is going to discuss the South Stream project with EU Commissioner for Energy Günther Oettinger, Russian Minister of Energy Alexander Novak says. 
Sep 19 2014 - 14:11
Russian Prime Minister Dmitry Medvedev said at the Sochi 2014 International Investment Forum that Russia will impose customs duties on Ukrainian products if it starts realization of the economic component of EU association agreements before 2016, reports.The Customs Union had earlier rejected raising customs duties for Ukrainian products.
Sep 19 2014 - 13:24
Russian Prime Minister Dmitry Medvedev has described the Russian view on the latest economic developments at an international investment forum titled "Russia between Europe and Asia: regional economic policy in modern conditions." Medvedev noted that the problem started when the West started neglecting Russia's national interests.
Sep 19 2014 - 11:52
Sergey Dankvert, the head of the Russian Federal Veterinary and Phytosanitary Surveillance, said that imports of grapes and apples from Ukraine could be banned, ITAR-TASS reports. In his words, the Federal Service had been registering regular violations of phytosanitary norms in imports of Ukrainian products. He added that the products might have been re-exported from Moldova.
Sep 19 2014 - 11:45
Sochi Mayor Anatoly Pakhomov will meet with British Ambassador Tim Barrow and heads of the Orlov Oblast and Belarus today within the framework of the International Investment Forum, reports.Pakhomov will attend a round-table conference on post-Olympic developments of Sochi on September 20.32 land lots and 23 investment projects in Sochi will be included in the database of the Krasnodar Territory. 15 of the projects will be presented in an exposition.
Sep 18 2014 - 14:59
Iranian Minister for Agriculture Mahmoud Hojjati said at a meeting with Azerbaijani Minister for Economy and Industry Shakhin Mustafayev that Russian-Azerbaijani relations were in a good state despite the recent developments in Europe. He noted that Iran could sell agricultural products to Russia through Azerbaijan, Trend reports.Hojjati added that Azerbaijan and Iran had a good potential for cooperation in agriculture.