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The estimated average annual revenues from potential oil and gas reserves would be approximately $5.7 billion for 20 years, a study by Fransabank has said.The study quoted the Energy Information Administration as saying that the total estimated value of Lebanon's gas reserves is nearly $163.91 billion between 2020 and 2039 while the estimated value of Lebanon's oil reserves is nearly $90 billion for the same period.As for natural gas reserves, it said, oil and gas seismic data specialist Spectrum estimates Lebanon's offshore gas reserves at between 12 trillion and 25 trillion cubic feet.Among the benefits of oil and gas production in Lebanon, according to the report, is lowering the country's hydrocarbon imports, thus reflecting positively on the current account balance, which is expected to record a surplus of 1-1.5 percent of GDP over 20 years.The potential extraction of oil and gas reserves in Lebanon would make a positive contribution to the economy but also carries some expected negative repercussions, the study stated.It said, the oil and gas resources will increase the country's exports, thus causing an appreciation of the pound.
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