Hydrocarbons in the Offshore: The Mediterranean’s Natural Gas Supply
During a hybrid discussion session hosted at ESA Business School on March 16, 2022, the Konrad-Adenauer-Stiftung (KAS) and the Lebanese Citizen unveiled a new report titled “Hydrocarbons in the offshore: maximizing the economic return for Lebanon.”
During a hybrid discussion session hosted at ESA Business School on March 16, 2022, the Konrad-Adenauer-Stiftung (KAS) and the Lebanese Citizen unveiled a new report titled “Hydrocarbons in the offshore: maximizing the economic return for Lebanon.” A huge number of experts in the subject were there, together with a large number of diplomats and officials from international development organizations.
Duault: “The gas industry is crucial. In the next years, relying on it will be important.
Mr. Maxence Duault, General Director of ESA Business School, opened the event with a prerecorded message expressing his delight in moderating this, the second such conversation he has had the pleasure of attending, on the subject of energy in Lebanon. Duault stressed the present and future significance of this industry, particularly in light of current developments in Ukraine. He said it was an essential industry and that continuing to depend on it in the future is a must. He concluded by emphasizing the relevance of the topic at hand, noting that it provides a major response to some of the most urgent challenges facing the oil and gas industry today.
Bauer: Only via far-reaching improvements to the gas sector’s excellent governance can it be developed.
Mr. Michael Bauer, resident representative of the Konrad Adenauer foundation in Lebanon, expressed his gratitude towards KAS’ constant cooperation with LCF in projects related to the development of studies on the responsible and sustainable management of the oil and gas sector. Bauer observed that Lebanon’s fascination with the oil and gas industry dates back decades. Nonetheless, he brought to the notice of the crowd that natural gas and hydrocarbons are not the panacea for all of the world’s energy woes. According to Bauer, it is only via broad changes relating to excellent and solid governance for this industry that it can grow and flourish.
Bauer acknowledged, however, that the hydrocarbons industry is still an area deserving of further investigation and development, particularly in Lebanon, a nation in need of protecting its energy supply as well as expanding and ensuring state income.
Moreover, he emphasized the need to think about the economic return of gas to Lebanon so that it may be used as a tool for a broad-based economic recovery that benefits the Lebanese people, thus reducing poverty and improving their quality of life. Yet, he stressed the need of investing in renewable energy sources since the recent wars had shown the vulnerability and interdependence of the global and local economies to worldwide turbulence, as seen by the absurd growth in fuel costs and the demand for them.
Bauer further said that KAS Lebanon is eager to collaborate with and provide resources to independent thinkers who are working to promote ideas and solutions that would help bring about the required political changes.
Lastly, he conceded on the need of establishing political change and appropriate governance in order for economic recovery and energy security plans to be successful in Lebanon.
Bifani: The Gas Industry in Lebanon: Four Possible Futures
In his opening remarks, Mr. Alain Bifani extended his gratitude to the Konrad-Adenauer-Stiftung and the ESA for their ongoing assistance to the Foundation and their roles in the distribution of the report and the organizing of the discussion session that followed. Hydrocarbons in the offshore: maximizing economic return for Lebanon, he then said, was the focus of the research he was about to introduce. Mr. Adrien Sémon, a professor at Paris’s Higher Institute of Sciences and Letters and an expert in the Humanities and Geography of the Eastern Mediterranean Basin area, authored the work and was supervised by Mr. Alain Bifani.
In a short statement, Bifani detailed the study’s aims and the assumptions that were used to inform the research. This research showed the truth about the Lebanese gas from a scientific, economic, and geostrategic standpoint. Bifani then dove further into the presentation, analyzing the oil and gas industry in Lebanon, including the expected volumes and costs of exploration and extraction, as well as Lebanon’s share of income and export destinations. Finally, the analysis elaborates on four potential futures for the accessible amounts, each of which takes into consideration the long-term viability of extraction and an estimate of the yearly return to the Lebanese economy.
Ms. Hélène Sallon, the Middle East reporter for Le Monde, took care of moderating the audience Q&A once the lecture was over. There has been widespread call for new legislation to improve gas industry regulation and oversight. These policies are crucial to the strategy for economic and social revival in Lebanon because they will improve the country’s ability to govern itself and reap the benefits of the gas industry.
Check out the livestream on YouTube: https://youtu.be/ZlZZ0oPD1yM
