Fneish: Development Ministry Ready to Begin Proceedings to Appoint Members of Oil Body

The Minister of Administrative Development Mohammed Fneish announced that his ministry is ready to begin the proceedings to appoint the members of the recently-approved authority tasked with administering the oil sector, reported As Safir newspaper on Saturday.

He told the newspaper that he is prepared to carry out the necessary contacts with the Energy Ministry on Monday to this end.

Cabinet had approved on Wednesday the appointment of the six members of the authority tasked with administrating the oil sector.

Speaker Nabih Berri told An Nahar newspaper in remarks published Wednesday that “it is unacceptable to waste our oil and gas natural resources while Israel is exerting efforts to benefit from them.”

“If the cabinet remained at a standstill I will then take the necessary measure,” he warned.

He revealed that several foreign companies expressed readiness to begin oil exploration procedures.

Berri had continuously threatened to debrief the cabinet if it didn’t carry out its tasks regarding Lebanon’s offshore oil wealth project.

As Safir reported on Wednesday that the cabinet during its session at the Grand Serail would issue a decree concerning the oil authority members after officials held intensive contacts in an attempt to resolve the obstacles blocking the matter.

In January, the cabinet approved the oil and gas decrees after lengthy discussion over who should administer the tender and oil and gas exploration in Lebanon’s offshore territorial borders.

Lebanon and Israel are bickering over a zone that consists of about 854 square kilometers and suspected energy reserves there could generate billions of dollars.

The Israeli map conflicts with Lebanon's proposed maritime border. Lebanon argues its map is in line with an armistice accord drawn up in 1949, an agreement which is not contested by Israel.