A map showing possible gas reserves off the Lebanese coast – via DailyStar

If the reports are true, that’s a golden opportunity to close our national debt and revive the economy. Let’s wait and see now how we will manage to screw things up like we always do in Lebanon.

“The value of the gas and crude oil reserves in Lebanon is worth $140 billion… (Our) company has found (in Lebanon) a quantity of oil that could make the country one of the biggest gas producers in the Middle East,” British newspaper The Times quoted chief executive officer of the British Spectrum Geo Inc. David Rowlands as saying.

This “is a great jostle that has not been witnessed since Libya opened the way for gas exploration in 2004,” Rowland pointed out. Rowland revealed that 120 companies expressed interest in drilling for oil and gas reserves in Lebanon including U.S. Marathon Oil and Petroleum Corporation and British Royal Dutch Shell.

Meanwhile, Malcolm Graham Wood, the oil and gas adviser for VSA Capital said that the gas reserves in Lebanon amount to more than 25 trillion cubic feet. [Link]