The British-based Spectum Corporation will collaborate with the Lebanese ministry of oil on a seismological survey to confirm the prospects of oil and gas within the country’s territorial waters. A report on the findings of the six-week survey has a target release date set for three months after the study is completed, reported Xinhua.
Spectum will finance the study, to be carried out along the Lebanese coast, in its entirety in addition to providing the Lebanese government with 20 percent of the earnings accumulated from selling future reserves to oil drilling companies.
Lebanon is not a significant producer of oil or gas resources. Apart from relatively modest hydroelectric resources and the import of 50-100 megawatts of electricity semi-annually from Syria, all energy needs are met with imports of petroleum products, which represent approximately 4.2 million tons of oil equivalent (TOE). Two state-owned refineries are currently non-operational. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
