by reuters, Lebanon expects to start oil production in 2018 and will deposit the
resulting revenues into a sovereign wealth fund, President Michel Aoun
said on Jan. 31. “Everything that is extracted will be for the Lebanese people,” he said during a meeting with a press syndicate delegation.

Aoun
said the revenues would be invested in development projects, and vowed
to increase efforts to upgrade Lebanon’s crumbling infrastructure. Lebanon
has relaunched its first oil and gas exploration and production
licensing round after a three-year delay, kick-starting the development
of a hydrocarbon industry stalled by national political paralysis. Minister
of Energy and Water Cesar Abou Khalil said last week that Lebanon had
opened five offshore blocks for bidding in a first licensing round.