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Background and Objectives

Background and Objectives

Lebanon’s petroleum sector is growing quickly in popularity and importance among oil and gas companies and investors, offering a multitude of opportunities locally, regionally and internationally. The Lebanon International Oil and Gas Summit in its sixth edition is equally reflecting and matching this growth in terms of size, popularity and importance.

The year 2020 will offer marvelous opportunities for all stakeholders in this promising sector through major milestones:

  • The results of the preliminary exploration drilling activities are coming to the surface from the first exploration well in Block 4, which has been licensed along with block 9, to the 3-company consortium of France’s Total, Italy’s ENI and Russia’s Novatek.
  • Exploration drilling is expected to start by May 2020 in Block 9, with equally promising prospects.
  • The Second Offshore Licensing Round for Blocks 1, 2, 5, 8 and 10 is being actually launched, and provisional block winners are being announced during the first half of 2020.
  • The development of the local market for natural gas through floating units (FSRU) is well underway, with major plans for the required infrastructure. This will be coupled with important government reforms within the electricity sector, which is set to become the main consumer of natural gas in the country.

On another front, the Lebanese government has been very keen to develop its petroleum sector with the highest international standards of transparency and governance. Within this trend, Lebanon is to officially join the Extractive Industry Transparency Initiative (EITI) in 2020. The objective is to boost the confidence among all stakeholders including investors and operators.

With such an impressive increase in activities, the 6th annual Lebanon International Oil & Gas Summit (LIOG 2020) will again be the timely platform to uncover and present Lebanon’s rising potential to the international, regional and local business communities, with tremendous opportunities throughout the value chain.  After all, LIOG has been the established leading international oil and gas event for both Lebanon and the East Med region since 2012.