Bassil: Israel can now reach Lebanon's oil reserve

Caretaker Energy and Water Minister Gebran Bassil revealed on Friday that Israel has drilled an oil exploratory well at a distance of 4 kilometers away from the Lebanese borders, noting that it now has the "technical ability to reach the Lebanese oil reserves."         

In press conference tackling the oil dossier, Bassil called on President Michel Sleiman and caretaker Prime Minister Najib Miakti to hold an extraordinary parliamentary session in order to pass the relative decrees.             

Interest in drilling in the eastern Mediterranean has grown since two natural gas fields were discovered off Lebanon's shores.             

Delegates at an oil and gas conference in Beirut in December 2012 said Lebanese waters could contain between 30 trillion and 40 trillion cubic feet of gas.                 

Energy Minister Gebran Bassil said in September 2012 that one southern bloc alone could hold 12 trillion cubic feet and this was enough gas to produce electricity for Lebanon for 99 years.                   

Lebanon hopes that gas discoveries could help address its government debt and chronic domestic power shortages, but repeated delays mean it is already several years behind in exploring those potential reserves.