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Second, the size of Lebanon's recoverable energy reserves is uncertain.Manna from heaven is not about to fall on Lebanon.This means that Lebanon must undergo strong fiscal adjustments sooner, rather than later, and that any future oil and gas revenues will have to be heavily discounted.First, to guarantee that Lebanon's natural resources are prudently managed, the government should formally join the Extractive Industries Transparency Initiative.Second, Lebanon should formally adopt the Natural Resource Charter. Third, Lebanon should establish an independent energy regulator by making the Lebanese Petroleum Administration independent from the Energy and Water Ministry and widen its mandate to manage Lebanon's natural resources. The stakes for Lebanon are high.Lebanon's oil and gas wealth belongs to all of its citizens, current and future.
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