Lebanon offers tenders for offshore oil exploration

Lebanon will offer tenders for oil and gas firms to explore its coastal waters, after traces of the precious commodities were discovered in the seabed, its energy minister said.
British company Spectrum found the evidence last October after exploring 5,000 sq km (1,930 square miles) of coastal waters with a team including two energy ministry engineers, the minister, Mohammad Abdel-Hamid Beydoun, told. Exploration was not confined to Lebanon's waters and also included areas in the international waters between the country and Cyprus, he said. Several oil and gas exploration companies have already purchased the study and are expected to join the bidding, he added.

The decision came as Lebanon's chronic trade deficit narrowed 15.7 % in 2002 on the back of a rise in exports and a decline in imports, according to official figures released. Exports rose 17.5 % to $ 1.045 bn from 889 mm, while imports shed 11.6 % to $ 6.445 bn from 7.291 bn.
That led to a shortfall of $ 5.400 bn last year, compared with $ 6.402 bn a year earlier. Lebanon imports more than 70 % of its finished and semi-finished goods. The country's public debt stood at $ 31 bn at the end of 2002, equivalent to 180 % of gross domestic product.