The Lebanese Parliament yesterday passed a law defining the borders of the country's territorial waters. The law for the first time opens its marine space to oil and natural gas exploration, Parliament Spokesman Mohammad Ballout confirmed to news service "Bloomberg" by telephone.
Ballout said that the measure represented a fresh opportunity for energy companies in a maritime region that Norway-based Petroleum Geo Services, the world’s third-biggest surveyor of oil and gas fields, has described as “exciting."
"We are in a hurry because Israel is in a hurry and is exploring near our border, and we are afraid that it will steal our wealth," Balloout's advisor Ali Hamdan told "Bloomberg", before the passage of the law.
Lebanon plans to approach international energy companies to conduct seismic surveys and exploratory wells within 12 months, in order to find gas or oil.
Once the law is ratified, Lebanon will define its maritime border and send the relevant documents to the United Nations Security Council in order set out the requirements applying to natural resources, which Lebanon, backed by Hizbullah, claims belong to it.
Published by Globes [online], Israel business news - www.globes-online.com - on August 18, 2010
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