Spectrum engineers drilling a surface in Batroun area to determine if there's oil underneath. (The Daily Star/Mohammad Azakir)
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Lebanon will reschedule the offshore gas auction again after the Cabinet failed to discuss two decrees setting the number of blocks and the share of the government from untapped wealth, Energy and Water Minister Arthur Nazarian said Wednesday.The minister said the auction would be pushed for at least two or three months to give international oil companies more time to review the conditions of the auction.Some of the ministers wanted time to comprehend the legal and technical issues," Nazarian said.He insisted that despite the postponement of the auction, many international oil companies were still interested in tapping Lebanon's oil and gas wealth.Nazarian declined to estimate the gas wealth off the coast but assured that the quantities were more than sufficient.Former Energy and Water Minister Gebran Bassil has estimated the volume of natural gas off the Lebanese coast at 96 trillion cubic feet and oil at 865 million barrels.
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