Lebanon Says Gas, Oil Reserves May be Higher than Thought

An analyst at survey firm Spectrum estimated in May that the country's total deepwater gas reserves could be up to 80 trillion cubic feet.

DEBT, POWER SHORTAGES

Lebanon has been hoping that sizeable gas discoveries could help address both its high level of government debt and its chronic domestic power shortages.

But progress will be difficult given the country's political turmoil, after Prime Minister Najib Mikati resigned in March amid partisan squabbling that has stalled most government decisions.

Earlier this month, Bassil said he had delayed Lebanon's offshore gas licensing round by another month until January after politicians failed to form a new government, which is needed to approve decrees to launch the bidding process.

Without approval of those documents, Lebanon's efforts to exploit maritime reserves are on hold and 46 companies it selected in April to bid for gas exploration will have to wait.

Bassil said that although no companies had formally withdrawn from the bidding round because of the delays, some were "hesitant and there are questions being raised".


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