Jumblat Urges Need to Resolve Disputes over Oil Exploration to Avoid Losing Wealth

Progressive Socialist Party leader MP Walid Jumblat stressed the need on Monday for Lebanon to tackle its offshore oil and gas wealth, saying that tenders should be launched to that end.

He said in his weekly editorial in the PSP-affiliated al-Anba website: “Lebanon should announce these tenders for it to take advantage of its wealth and preserve its rights before they are stolen wasted, or lost.”

“Isn't it possible to speed up the measures on the ground in this file so that the Lebanese state would not lose its credibility in this issue?” he wondered.

Addressing the electricity shortage in the country, the MP asked: “Is it impossible to reach a settlement in the energy sector and resolve this issue that has been accumulating losses over the years?”

“Is it impossible to build new power plants to increase productivity and ensure that all regions have electricity?” he wondered.

Last week, Prime Minister Tammam Salam stressed that the endorsement of the two controversial petroleum decrees requires political consensus, pointing out that he is following up on developments in this regard.

He urged the political foes to stop wasting time and engage in serious discussions.

There are sharp differences between officials on the endorsement of two oil decrees, the first tackles the demarcation of the 10 maritime oil blocks, and touches on the division of the Exclusive Economic Zone (EEZ) to several blocks that are not entirely equal. And the second decree, which is linked to setting up a revenue-sharing model, tackles the contracts signed with the international companies.

Lebanon is seeking to renew the interest of international companies in offshore oil exploration despite the stalling of the government in issuing licensing and amid reports that Israel was “stealing” Lebanese gas.

Last August, the government postponed for the fifth time the first round of licensing for gas exploration over a political dispute.

The disagreements were over the designation of blocks open for bidding and the terms of a draft exploration agreement.

M.T.

G.K.