Events

An Announcement Ceremony to commemorate the completion of the CedarsOil Lebanon neoBASIN Program and the Data Delivery to the Ministry of Energy and Water was held at the Hilton Metropolitan Palace Hotel in Beirut on Wedneday June 10^th, 2015. The Ceremony was attended by VIP invitees from the MoEW, the LPA, the General Directorate of Oil, Lebanon Oil Installations, NEOS and Petroserv.

Jim Hollis, NEOS President and CEO, commented on the program, “It was a pleasure to work closely with the Lebanon Ministry of Energy and Water on this hallmark project.  After completing our extensive integration and interpretation of the multi-physics data and applying our advanced predictive analytics techniques, we are thrilled to have uncovered some very interesting indications of hydrocarbon potential in select areas throughout the program area. Our hope is that the Lebanon neoBASIN program will help geoscientists to better understand several geologic features of interest in the region and allow E&P companies to optimize decisions about where to explore, lease and drill in Lebanon.”

His Excellency Mr. Arthur Nazarian, Lebanese Minister of Energy and Water stated that “this project has put the topic of onshore O&G exploration on top again, after around 50 years of persistent recession, The Ministry is insisting on starting the petroleum activities Onshore, as an indication on the importance in which we target this subject, after this interpreted data and the one Offshore have showed a geological continuity in the petroleum systems. With the completion of this project, we can announce that the petroleum exploration phase Onshore Lebanon has started and we have made a fast progress which pushes us now to ask the question: “Will the Onshore exploration overtake the Offshore one?”