facebook
twitter
rss
account
search
search
 

Lebanon stakes claim to offshore reserves

Oct. 8, 2013 at 7:22 AM   |   Comments

BEIRUT, Lebanon, Oct. 8 (UPI) -- There's nothing Israel can do to undermine Lebanese efforts to exploit its oil potential in offshore reserves, the Lebanese foreign minister said.

More than 40 international energy companies this year expressed interest in Lebanon's first oil and natural gas licensing round. Lawmakers need to pass a measure to demarcate the blocks available before the formal bidding process can begin.

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.

Foreign Minister Adnan Mansour said Israel should avoid any "blatant aggression" against Lebanon's resources.

"Lebanon will invest in its oil wealth in the region and Israel cannot stop it from doing so," he was quoted as saying Monday by The (Beirut) Daily Star.

Israel is eager to capitalize on offshore prospects, which may encroach on Lebanon's maritime territory. The Shiite resistance movement Hezbollah last year warned Israel to stay away from Lebanon's offshore reserves because of border issues.

Mansour said offshore reserves were a strategic national interest.

Topics: Hezbollah
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
New Navy sub ready for outfitting, testing New Navy sub ready for outfitting, testing
2
New F-35 sustainment system undergoing flight testing New F-35 sustainment system undergoing flight testing
3
Scrap South Stream, Europe says Scrap South Stream, Europe says
4
Apple to authorities: No iPhone user data, even with a warrant Apple to authorities: No iPhone user data, even with a warrant
5
Boeing, Defense Logistics Agency sign long-term support agreement Boeing, Defense Logistics Agency sign long-term support agreement
Trending News
Video
x
Feedback