Lebanon is eager to attract investors to its fledgling oil and natural gas sector. The Lebanese Energy Ministry hosts international delegates at the country's second annual oil and natural gas conference in December.
British energy company Spectrum said it started oil and gas surveys in the Batroun region along Lebanon's northwest coast. The company told The (Lebanon) Daily Star newspaper Wednesday the survey work would extend through November.
The Lebanese government is pressing ahead with plans to court international energy investors to explore potential offshore reserves. The offshore area is considered frontier territory, though the U.S. Geological survey said parts of the region may hold 1.7 billion barrels of oil and more than 100 trillion cubic feet of natural gas.
There was no estimate of onshore reserves. Iain Dowell, regional manager for oil service company Halliburton, a sponsor of the December conference, said in a statement Lebanon is "a rapidly developing oil and gas market."
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