Lebanon has announced promising oil and gas finds off the coast of the Mediterranean country, with potential production coming within four years.

Preliminary surveys of several offshore fields indicate reserves of up to 30 trillion cubic feet of gas and 660 million barrels of oil. The Lebanese energy minister, Gebrane Bassil, said at a conference that the finds were made in just 10 per cent of the country’s territorial waters.

MEED reported in April that Lebanon’s Energy & Water Ministry was evaluating prequalification documents from 52 oil companies ahead of its first offshore oil and gas exploration round.

Prequalification closed on 28 March. The qualified firms are expected to be announced on 18 April, with the licensing round due to open on 2 May, according to the ministry.

Contracts could be awarded in early 2014. The oil firms were given the option of qualifying as operators or partners. Fourteen opted for operator status, with the remaining 38 applying as non-operating partners.

The auction has attracted the attention of several oil firms. Four of the largest publicly owned oil firms submitted applications, including US oil majors, Chevron and ExxonMobil, the UK/Dutch Shell Group and France’s Total.