SAN FRANCISCO--(BUSINESS WIRE)--NEOS today announced the promising findings from a regional oil & gas prospectivity study that it completed in Lebanon. NEOS believes a frontier oil & gas province is now emerging in the country.
Jim Hollis, NEOS President and CEO, commented, “After completing an extensive interpretation of the geoscience datasets we acquired, we identified many indicators of a hydrocarbon system. Given that only seven wells have ever been drilled in Lebanon, I believe the potential upside from additional exploration – including drilling – is huge. It has been a pleasure to work with the Lebanon Ministry of Energy & Water, the Lebanon Petroleum Administration (LPA), and Petroserv – our local partner – on this hallmark project.”
The results came from the company’s neoBASIN™ study to evaluate the prospectivity of a 6,000 km2 area encompassing the onshore northern half of the country and the transition zone (TZ) along the Mediterranean coastline. Insights from the neoBASIN interpretation revealed tell-tale signs of a highly prospective hydrocarbon system:
- Evidence of hydrocarbon-generating source rock and oil seeps;
- Evidence of large structural traps, with several containing resistivity anomalies;
- Evidence of multiple ‘stacked’ play types throughout the project area.
His Excellency Mr. Arthur Nazarian, Lebanese Minister of Energy & Water, commented, “This neoBASIN project has put the topic of onshore oil and gas exploration on the top of our national agenda once again. As an indication of the importance in which we hold this project, the Ministry will begin undertaking all of the necessary procedures to ensure the development of a vibrant onshore exploration sector.”
NEOS CEO Hollis concluded, “We are developing plans to acquire additional data, including seismic over the most promising structures, to further de-risk the opportunity and to secure the capital needed to drill the most promising locations. I look forward to our continued collaborations with the Ministry, the LPA and Petroserv.”
The interpretative products are now available for license to interested E&P operators. To learn more about this neoBASIN project, view: http://tinyurl.com/LebanonSlideshow.
About NEOS GeoSolutions
NEOS helps governments, energy ministries and exploration teams in the natural resources industries make faster, more informed decisions about where to explore, lease and drill. In partnership with its clients, NEOS acquires and simultaneously interprets multiple geological, seismic, non-seismic and geochemical datasets to identify valuable resources in the subsurface, including hydrocarbons, minerals and groundwater. For more information, visit www.neosgeo.com.
