Based on currently available geophysical data, the Lebanese government estimates that the offshore oil and gas frontier areas in the East Mediterranean may hold around 25 trillion cubic feet of natural gas reserves, though this has yet to be proven. An initial exploration well is expected to be drilled in block 4 by the end of 2019, or in early 2020. Once an exploration blind spot, the Eastern Mediterranean is now a hot region of interest , and a relatively unexplored swath off the coast of Lebanon – which is surrounded by known hydrocarbon systems – offers great promise. Upcoming licensing rounds offer blocks in this unexplored expanse, and come at a time when the region is in the midst of ramping up local production to meet domestic energy demand. This will be Lebanon’s second offshore licensing round, offering Blocks 1, 2, 5, 8, and 10 in its exclusive […]