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FinancialNews


  • 10-10-22

    Lebanon struggles to reach deal with Zionist entity for gas fields

    (MENAFN) Lebanon is struggling to reach an agreement with the Zionist entity around disputed maritime gas fields, but even with a deal the cash-strapped nation deals with several challenges before touching possible hydrocarbon wealthy, analysts mention.

    “A deal would mark one step forward but it does not mean that Lebanon has become a gas- or oil-producing country,” as stated by Marc Ayoub, a member at the American University of Beirut’s Issam Fares Institute.

    Adding that “We are talking of a timeline of five to six years… before the first gas” if commercially practical reservoirs are actually found, the energy analyst informed AFP, labelling the framework as “optimistic”.

    With the request for gas increasing internationally due to an energy disaster triggered by Russia’s attack on Ukraine, Lebanon have faith that an external discovery would facilitate its present extraordinary economic downturn. But it has been over 10 years since it announced its maritime limits and an Exclusive Economic Zone, it still has no confirmed natural gas reserves.

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