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French oil exec speaks out on prospects of drilling in Lebanon

Elias Kassis, vice president of the Middle East and North Africa division of French oil and gas company Total, says 'there are many factors' companies must consider when deciding whether or not to drill exploratory wells.
The cables of a side-scan sonar is seen in the waters of the Mediterranean sea, during a tour of areas believed to have gas reserves, off Lebanon's coast near Beirut May 30, 2013. Offshore seismic surveys suggest Lebanon has at least 30 trillion cubic feet in just a small fraction of its Mediterranean waters Energy Minister Gebran Bassil said. Lebanon has selected 46 international oil companies to bid to explore for gas off its coast, where survey ships have been assessing prospects after discoveries in wat
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Oil is a volatile commodity, and the market is being reminded of that, Elias Kassis told an audience gathered for a forum discussing Lebanon’s oil and gas potential held May 26 in Beirut.

Kassis is the vice president of the Middle East and North Africa division of Total, the French oil and gas “supermajor.” Last year marked the end of a nearly decadelong run during which a barrel of oil sold for more than $50 on average. Prices began to fall in June 2014, and — as of press time — were still below $50 despite briefly surpassing that threshold on May 26. Just a few years ago, analysts were arguing that $100 oil was “the new normal.”

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