Gov’t New Year Gift: Launch of Oil Drilling Tender

Local Editor

The end of 2012 carried a gift to all the Lebanese:
On the ground, Lebanon started taking its location on the regional oil map after the government set the first tender for oil and gas exploration for Feb. 1.

The step that is to mark the beginning of investing in the Lebanese wealth i.e. expected to ease Lebanon on the economic level.
Meanwhile, in its Thursday's session , the government also set March 21 to publish the list of qualified firms and May 2 to receive formal applications.

British-based company Spectrum, which conducted a 3-D seismic survey off the Lebanese coast, told The Daily Star that the size of the gas off the southern coast of the country is estimated at 32 trillion cubic feet, adding that there is more gas in the northern parts of the country as well.

Some experts estimate the value of gas in Lebanon to ranges between $300 billion to $600 billion, not to mention the prospects of oil onshore.
The Cabinet agreed each member of the oil committee will receive a monthly salary of LL22 million and LL3 million for housing allowance.
Energy and Water Minister, Jibran Bassil, said that the Petroleum Administration Committee would make money by its own, not by withdrawing any sum from the state treasury.

Bassil said the tenders program was planned by the Energy and Water Ministry and that applications for tenders would start taking effect in the first month of 2013
"I can assure that the new members will generate more revenues to the treasury once Lebanon strikes oil and gas," he added.


Source: al-Ahednews/ Daily Star, Translated and Edited by moqawama.org