By the time Lebanon starts producing gas, it would most likely be best for the country to reserve the bulk of its output for local consumption to help boost the industrial sector and cut the cost of power use, experts argued.
The possible development and production of oil and gas in Lebanon could be an important historic event that brings with it great hopes for the recovery of the economy and the well-being of the Lebanese people.
The booths of international oil and gas companies drew some of the biggest crowds of the American University of Beirut’s annual job fair, as the country pins high hope on its untapped offshore resources.
Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) can be affected by the disagreements between political blocks and an absence of government, which have delayed Lebanese oil and gas auction licenses until 2015.
The Petroleum Administration has made some changes to the two key decrees awaiting Cabinet approval before the first round of licensing for oil and gas exploration in Lebanon, an insider said Thursday.
The Washington Examiner on Friday outlined a scenario under which the next war in the Middle East may break out as a result of what the outlet described as competing “Israeli and Lebanese claims over a potentially lucrative plot of [underwater] territory,” with the recently formed Lebanese government set to “move ahead with decrees that …
Mediation led by the United States to resolve a dispute between Lebanon and Israel over their Exclusive Economic Zones (EEZ) has reached a deadlock after a top U.S. official described it as “excellent” earlier this month.