Kuwait Energy, Cairn expect to bid for Lebanese offshore leases

Kuwait Energy Co. (KECKEC) says it intends to bid for drilling right offshore Lebanon in the Levant basin when bidding opens there.

Offshore staff

LONDON – Kuwait Energy Co. (KECKEC) says it intends to bid for drilling right offshore Lebanon in the Levant basin when bidding opens there.

CEO Sara Akbar told Dow Jones Newswire that the company has considered the petroleum prospects in the eastern Mediterranean and is just waiting for Lebanon to make official its oil and gas law next year in order to enter talks with the government.

The same report also says Cairn Energy Plc also expects to bid for parcels in the area.

A US Geological Survey study estimates the Levant to hold 1.7 Bbbl of recoverable oil and 122 tcf of recoverable gas.

11/22/2011

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