BEIRUT, Lebanon, July 15 (UPI) -- Lebanon's government postponed an offshore natural gas auction after rancor erupted Tuesday over the amount of revenue Beirut would get from energy companies.
The Lebanese government estimates there are 95 trillion cubic feet of natural gas and 750 million barrels of oil in its territorial waters. A committee led by Prime Minister Tammam Salam has only met a few times to discuss offshore prospects since it was formed early this year.