Lebanon announces new oil discovery

Lebanon's interim Energy Minister Gerbran Bassil said new oil discoveries have been made off the coast of Beirut and Mount Lebanon. "There is a recent discovery of abundant quantities of oil and gas in the maritime zone off the coasts of Mount Lebanon and Beirut that extend at their northern and southern rims," he said to reporters, The Lebanon Daily Star reported Saturday. Bassil called the discoveries, "scientific proof of the variety of our oil and gas resources," adding that the quantities were large and that, "we need to know how to invest properly." Bassil has called for the government to approve of 10 maritime blocks that would set up a revenue-sharing plan. This step is required before the Energy Ministry can award contracts for development of the sites, the newspaper said.