Political deadlock in Lebanon affecting oil exploration
Lamees Karout
Press TV, Beirut
With the presidential vacuum into its 9th month and internal political bickering continuing in Lebanon, the process to issue a decree to license offshore gas has further been delayed. There are two decrees that must be issued to launch the licensing round, which have already been delayed five times due to political deadlock.
Many agree the lack of president in Lebanon is delaying the process. However, Lebanese Member of Parliament, Fadi Al-Awar, claims that Lebanese ministers should not wait for a president to be elected as this will further hinder exploration efforts.
Israel has been illegally drilling in Lebanon’s exclusive economic zone for aims of stealing Lebanon’s offshore oil. However, since Lebanon has postponed issuing a license multiple times, experts believe this has given Tel Aviv a 7-year head start in drilling and stealing oil from the Lebanese side.
The delay of issuing a license by government officials has pushed away international oil companies from starting offshore oil exploration. Lebanon is rich in oil and gas; however, an accurate estimate of how much value is available will be known once the drilling process begins.
With the Lebanese government seemingly busy with other issues in the country, it has pushed the oil and gas process to the sidelines. However, with the lack of agreement between officials and the clock ticking, many are in fear that if this delay continues it is only giving Israel the upper hand in siphoning off gas from Lebanese waters.
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