(MENAFN) Lebanon is expected to receive over 40 bids from international oil firms for its first gas tender in February 2013, local newspaper The Daily Star reported.
The paper said that the government decided lately to launch the process in the next two months in order to tap as much as USD700 million in potential offshore gas deposits in the Mediterranean.
The paper quoted David Rowlands, CEO of British-based company Spectrum as saying that the country could start gas extraction as early as 2014 and begin pumping gas by 2017.
Spectrum, which conducted a 3-D seismic survey off the southern shore of Lebanon, estimates the country has about 25 trillion cubic feet (tcf) in the 3,000 km square zone which puts the country's estimated findings ahead of Syria and Cyprus combined.
The Daily Star also cited Roudi Baroudi, CEO of the World Energy Council, as saying that any company that involves in the process of offshore gas extraction is likely to invest between USD300 million to USD1 billion.
If Lebanon's discoveries are proved to be worthy, this would help the country to lower gradually part of its public debt and slowly stop importing all of its energy needs.
That would then lower its trade deficit and in turn improve the balance of payments.
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