Oil and gas resources represent a non-renewable and newly discovered wealth in Lebanon. The risk lies in its management by the political class the same way they managed all of Lebanon’s resources i.e. corruption, distribution of quotas, etc.
The oil and gas resources could be a positive factor. Nevertheless, if the environmental, political, economic, security and geostrategic risks are not considered, these resources will turn from being a blessing into a curse, as was the case in other countries.
Second - The principles:
The oil and gas resources belong to all Lebanese people and future generations.
Good governance, transparency, disclosure, regular and continuous monitoring, and accountability are prerequisites for managing a sector that can bring a positive change to the socio-economic structure in Lebanon.
This wealth must be dealt with as a non-renewable resource that should be invested, not consumed.
Third - The vision:
Oil and gas must be invested to serve Lebanon's consumption needs in accordance with economic feasibility.
Consider the possibility of establishing oil refining industries, instead of exporting it as crude oil.
Concerns over the environment and climate change must be seriously considered throughout all stages of oil and gas investment, production and consumption.
A sovereign fund must be set up to manage the oil & gas resources transparently and independently.
The revenues from oil & gas must be used to develop productive capacities including human capital, infrastructure, and fixed productive assets. This would result in solid and sustainable economic growth that serves the current and future generations.
Ensure the Lebanese Petroleum Administration’s independence.