Lebanon’s politicians, always on the prowl for new sources of revenue, are greedily eying the country’s offshore gas reserves. However, unless the Lebanese government organises the gas sector soon, Lebanon could miss out on a valuable source of revenue at a time of serious domestic crises.
Last year, the government of prime minister Najib Mikati was supposed to pass two decrees allowing for the start of a licensing round, in which foreign oil companies would bid to explore Lebanese waters. The decrees were never passed, however, because of political divisions. Until they are, there will be little progress in offshore gas projects.