
Transparency is a top priority for a Lebanese government looking to
bring bidders back to its offshore oil and gas reserves, the energy
minister said. Lebanon this week filed a request to join the Extractive Industries
Transparency Initiative, a body that aims to cast light on how countries
manage their oil, gas and mineral resources. Energy Minister Cesar Abi
Khalil said that, as the country opens itself up to foreign energy investors, accountability was essential.
“At the beginning of the new term [of office], transparency is our
main focus,” he was quoted by The Daily Star in Lebanon as saying.The effort follows a decision to put five offshore oil and gas blocks
up for auction in Lebanon’s Exclusive Economic Zone by the end of
February. State profits, the minister said, would be decided after the
bidding process is completed.
Decrees put forward by the Lebanese government outline a model for
revenue sharing, something that derailed previous efforts to court
foreign investors. Three years ago, Beirut postponed an offshore natural
gas auction after rancor erupted over the amount of revenue Beirut would get from energy companies. The Lebanese government estimates there are 95 trillion cubic feet of
natural gas and 750 million barrels of oil in its territorial waters.
The country, meanwhile, has been at odds over maritime borders in the
Mediterranean Sea. According to the Lebanese newspaper, Israel has been
the hold out in U.N.-mediated efforts to settle border disputes.


Emmanuel Haddad – published in equaltimes.org





