Seismic surveys now show that Lebanon’s portion of the prolific Levant Basin is showing promising oil and gas reserves, as the country lags far behind Israel in tapping into this Mediterranean hydrocarbon wealth. After years of delay, Lebanon’s petroleum authority has finally obtained seismic surveys—tasked as far back as 2002—showing that oil reservoirs in the southern region, particularly in Blocks 8 and 9, could have significant potential. Surveys obtained by the petroleum authority have now been submitted to Lebanon’s Speaker, Nabih Berri, Prime Minister Tammam Salam and Energy Minister Arthur Nazarian, according to Lebanese media reports . The reports claim to reveal new information proving the presence of oil, most prominently in Block 8. While Lebanon has delayed key legislation that would allow exploration of the Levant Basin to move forward—due largely to a failure to reach a political quorum—Israel’s recent move to authorize the development of […]