Oil, gas EastMed forum kicks off in Lebanon

BEIRUT, The Oil and Gas in EastMed Forum (OGE) kicked off Wednesday with the participation of 250 international figures, including state officials, business directors, executives, and experts in the oil and gas fields.

“Lebanon’s journey into the fields of oil and petroleum excavation has begun,” Lebanese Energy Minister Cesar Abi Khalil, said in his opening speech.

Recently conducted geophysical surveys have shown abundance in hydrocarbon resources within Lebanese soil, Khalil noted.

The first-ever oil well drilling process is slated for next year, he said, adding that the development of oil fields and production would follow.

For his part, the Secretary General of the Arab oil producers’ bloc (OAPEC) Abbas Al-Naqi said Lebanon enjoys a sufficiency in renewable energy sources that need to be used to the fullest in order to achieve energy security.

Meanwhile, Raouf Abou Zaki, CEO of the Lebanese-based A-Iktissad Wal-Aamal Group, said the excavation and drilling phase would have positive outcomes on the country.

Zaki also mentioned the participation of three internationally renowned companies in the excavation phase such as France’s Total, Italy’s Eni, and Russia’s Novatek.

The forum is held under the theme of “Business Opportunities during the Exploration and Exploration Phase,” said the event’s website.

It aims to identify potential business opportunities for the private sector as Lebanon approaches the oil and gas discovery and exploration process.

It also aims to highlight the legal and regulatory environment of the oil and gas-related activities in Lebanon.

Source: Kuwait News Agency