REPORT: Bassil: Oil extraction in Lebanon stalled due to Israeli, regional plot

       
Caretaker Minister of Water and Energy Gebran Bassil described on Wednesday the oil extraction process as "a Lebanese dream", noting that no one should undermine Lebanon's credibility as a state capable of enhancing the oil sector.          

In this context, Bassil said during a press conference held at the Ministry that the deferral of tenders is "not a matter of great importance", adding that the Ministry will extend the deadline for submitting offers should the cabinet fail to approve them.                      

Bassil also cited the failure to hold a cabinet session as the reason behind the said deferral, pointing out that "there are personal interests and demands that are hurdling the aforementioned process".             

"There is also an Israeli and regional plot set to prevent Lebanon from extracting oil. However, the internal parties have the capacity overcome these obstacles," Bassil said.               

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 said Lebanese waters could contain between 30 trillion and 40 trillion cubic feet of gas.                

Energy Minister Gebran Bassil said in September 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.


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