An international firm has estimated the volume of gas in Lebanon’s south-west corner to be close to 25 trillion cubic feet, valued by experts to be worth over $40 billion. “In the 3,000 square kilometers we are covering in the south-west corner of Lebanon, near the borders of Cyprus and Israel, an initial assessment [indicates] there may be 25 trillion cubic feet of gas,” David Rowlands, chief executive of Britain-based Geo Ltd. Spectrum Company CEO, told The Daily Star Friday. The Lebanese government contracted Spectrum to conduct a 3-D seismic survey off the Lebanese coast. The results so far have been more than encouraging as major U.S., European and Asian companies have expressed a keen interest in drilling gas off the Lebanese coast. 

Many Lebanese, who have lost faith in their government’s ability to solve the economic crisis and cut the size of the huge public debt, believe the gas reserves may represent the last hope for rescuing the country’s economy. [Link]