You get what you pay for in the Oil Industry, Mourad is quite...

You get what you pay for in the Oil Industry, Mourad is quite obviously there for the Offshore operations





"Oil expert urges Lebanon to conduct 3D study of deposits
BEIRUT: The Energy Ministry is being urged to hold back on offering contracts to explore for underwater deposits of oil and gas until a sophisticated 3D survey shows their exact location. Lebanon has already conducted a more basic survey, which revealed potential for oil and gas discoveries. A more detailed 3D study, however, would indicate exactly where to drill for oil and could mean higher bids from international oil companies.

"By doing a 3D study first, you know much more what is down there and the government can negotiate better with the oil companies for profit-sharing agreements and royalties," said Fawaz Mourad, a regional oil expert. The Energy Ministry is expected to decide this week whether to commission a 3D study.
Several two-dimensional studies conducted in recent years indicated a possibility for recoverable oil.
An energy expert told The Daily Star last month that Lebanon's reserves could yield 70,000 to 90,000 barrels per day. If oil prices hold near $60 per barrel, Lebanon could earn $60 billion over 20 years from oil sales.
"Ten years ago it was unreal to the government that there could be oil," Mourad said. "But now, they want to move forward with the project."
A number of international firms, including Shell, Occidental, Total Elf Fina, Petrocanada, Amerada Hess, and Reading and Bates have shown interest in bidding to drill in Lebanon.

Oil firms generally do not commit to drilling before a 3D study is conducted"