Cyprus inflation breaches 5% in June

LEBANON COULD have access to more offshore natural gas deposits than Cyprus and Syria, reported Lebanese paper the Daily Star yesterday.

Quoting the CEO of Norwegian Spectrum Company David Rowlands saying: “My humble opinion based on the data that I have is that there is greater potential [for natural gas] offshore Lebanon than offshore Cyprus and offshore Syria.”

He made the comments based on data gathered from Lebanon, Cyprus and Syria by Spectrum and its partner Dolphin Geophysical, which is surveying the Lebanese coast with its high-capacity seismic vessel, M/V Polar Duke.

“We compared the data of offshore Lebanon with the data of offshore Cyprus and Syria,” said Rowlands.

The processing of the seismic survey will be completed in January 2013.

“The early results have shown us structure which has never been seen before. The geological structures are favorable for accumulation of gas and this has never been seen before at this early stage,” Rowlands told the Daily Star.

Lebanon and Israel are currently in dispute over an area of water claimed by both countries as part of their own economic waters. The UN is believed to be working behind the scenes to mediate a solution to the dispute between the two- still officially at war- countries.   

Source: Cyprus-Mail

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