What are the pillars shaping resource management in Lebanon?
The prospective natural resources that are yet to be discovered offshore the Lebanese Exclusive Economic Zone (EEZ) belong to current and future generations of Lebanese people, and therefore are managed by the State on behalf of the people. To pave the way for the First Offshore Licensing Round Lebanon has put in place a strong governance and legislative framework that will guide a sustainable development of the petroleum sector based on international best practices which are tailored for the Lebanese context so that they are pragmatically applicable. The major pillars of resource management on which the prospective petroleum sector will build turn around five integrated principles, namely providing energy security from access to indigenous gas resources, prudent production, long term investments and export opportunities, value creation within and across generations, and upholding good governance and transparency.
LPA is committed to abide by the highest levels of transparency so to promote and strengthen good governance in the petroleum sector. In this regard, the LPA exerts all the necessary efforts to ensure a successful, sustainable and inclusive development of the petroleum industry by setting strong pillars for the sector early on, and by actively promoting investments for the exploitation of hydrocarbons to benefit current and future generations.
- Energy Security
- Prudent Petroleum Activities and Sustainability
- Long Term Investments and Export Opportunities
- Value Creation for Current and Future Generations
- Upholding Good Governance and Transparency
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