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.

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