Wissam Zahabi speaks during the conference in Beirut, Thursday, Nov. 2, 2017. (The Daily Star/Hasan Shaaban)
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With low oil prices, is Lebanon late to the game?If we are to take the views of energy experts into consideration, Lebanon may not reap the anticipated benefits from the prospects of gas exploration in the coming few years. This rude awaking comments came during an all-day conference on MENA energy and oil, and naturally Lebanon was among the issues deliberated by experts. Lebanon is still laying the groundwork for its potential offshore oil and gas excavations. The regulation of Lebanon's oil and gas sector is set by the Cabinet, the Energy and Water Ministry and the Lebanese Petroleum Administration.A survey by the LCPS of Lebanese citizens on their expectations of how the country should spend its oil revenues found that most preferred to see public investments in infrastructure, although the current expectation is to start a sovereign wealth fund similar to most of the oil-rich states; most respondents also believe that Lebanon's oil wealth will largely go to the country's political elite, signs of the gap between the public and the state.
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