BEIRUT: The drilling rig has arrived and is expected to start work on the site, Block 9, by the end of the month, raising Lebanon’s hope of a bright and prosperous future.
Total Energy, representing the French energy group, has sent the rig Transocean Barents to the Lebanon shores representing a consortium that also include Italy’s ENI and state-owned Qatar Energy.
The rig is 120 kilometres from the capital Beirut and the crew has arrived at Rafic Hariri International Airport.
The arrival of the rig could happen owing to an agreement between Israel and Lebanon when the maritime border between the two was agreed upon last year.
The economic woes of Lebanon have been going on for long and rising inflation with prolonged blackouts due to the energy crisis besides limited medical supplies and food are just to name a few.
The caretaker Environment Minister Nasser Yasin has asked Ministry of Energy that all the companies operating in the drilling of oil must follow instructions made by the Ministry of Environment.
Caretaker Energy Minister Walid Fayad has stated the results will be clear in two to three months’ time. The companies are optimistic and Block 9 will deliver.
Energy expert Diana Qaisi however, has shared her concern that without effective management and control, the nation risks losing its fortunes.
Diana holds a position on the advisory board of the Lebanon Oil and Gas Initiative. She made it clear that with effective rules and regulations, the wealth will go to waste and legislative measures should be in place for the project.
She stressed the need for making laws for the sovereign wealth fund of Lebanon in the management of petroleum resources.
“It is the internal affairs of Lebanon that needs to be regulated first,” said Diana adding, “From this point onward the confirmation of reservoirs and quantities confirmed.”
She pointed out the regulatory body dealing with the petroleum sector has many vacant positions and is incomplete and if it stays, Lebanon is bound to face obstacles.
It is interesting to note that Dina asked everyone should be on board as this interaction between all concerned ministries and institutions will safeguard Lebanon’s interest which, at present, she finds the opposite.
Block 9 represents a new beginning for Lebanon and it has rekindled the hope which was missing for long.
