Lebanon’s offshore blocks likely contain oil, not only gas

As Lebanon continues its efforts to explore for hydrocarbons offshore, an appraisal in a nearby country indicates that its resources could include oil, rather than mostly gas as originally thought. The Lebanese Petroleum Administration (LPA) noted in a document about the nation’s offshore geology that “recent studies reveal the potential for several gas-prone and oil-prone source rocks in the Levant basin,” and noted that these rocks have reached maturity.

Energean announced in early November 2019 that its appraisal of Karish North Discovery, in Eastern Mediterranean waters on the border to Lebanon, found recoverable resources of 0.9 trillion cubic feet of gas, as well as 34mn barrels of light oil and condensate.

Lebanon is a relative newcomer to the oil and gas sector, and its hopes were pinned on gas resources, although a mix of oil and gas could provide the country with a revenue stream as well as a source for domestic power generation.

Source: Oilandgas.com