ABI KHALIL: No Back to Square One in Exploiting Lebanon's Oil Wealth

15 Jan 2018

Lebanon - Water and Energy Minister Cesar Abi Khalil sounded adamant that there is no going back to square one in exploiting Lebanon's oil wealth, describing Lebanon's petroleum-related legislative and regulatory system as enjoying high standards of transparency.

Minister Abi Khalil's fresh words on Monday came in an interview with the "Economy and Business" Magazine.

"Lebanon will start to reap the benefits of its entry into the oil and gas producing countries' club, once the offshore exploration and drilling phase begins," Abi Khalil told the Magazine.

He pointed out that the Council of Ministers has already approved the offshore exploration and production agreements for blocks 4 & 9.

Abi Khalil also pointed out that the big international oil companies have expressed their trust in the legislative and regulatory system adopted by Lebanon in this regard, saying such a system is characterized by high standards of transparency.

"The legislative and regulatory system devised by Lebanon concerning the path of petroleum activities is deemed one of the best systems in the world," the Minister said, adding that this system is characterized by high standards of governance and transparency.

In reply to aquestion about the expected volume of petroleum reserves, Abi Khalil said that the drilling operations shall confirm with facts and figures that Lebanon has become an 'oil state' in every sense of the word.