Lebanon
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LEBANON – BEIRUT For the better part of four decades.
Lebanon has been beaten by a knockout punch after another. Many of his injuries were self-inflicted – civil war, sectarian conflicts, political paralysis, corruption, but the country has also been assailed from outside. It was also under Syrian military domination for years, has invaded twice by Israel, manipulated by Iran, and staggered by the bombing death of his former Prime Minister Rafik Hariri.
Now the small country struggling to feed, house and educate more than 1 million refugees next to Syria.What could go wrong? He could miss a major economic opportunity, partly for reasons beyond his control, but in part because the country cannot get its act together. There is just one year Lebanon, which needs all the help it can get, was preparing to auction the first drilling licenses for gas in its territorial waters. Nearly 50 major international energy companies, including Total, Shell, Chevron and ExxonMobil were trained in April 2013 to enter the bidding for exploration licenses. Since then, vast new gas reservoirs have been found in the waters of Egypt and Israel, which increases the likelihood that the pool extends into Lebanese waters as well, but nothing happened in Lebanon. The process came to an end.
The low prices have hurt the country’s drilling prospects
Meanwhile, the price of natural gas fell to a glut in the world, making it unlikely that a big company could commit in the near future to an expensive new drilling project such as Lebanon. The hydrocarbon industry functions in a price changing environment, where high prices encourage exploration, but when that exploration brings new fields on line, prices results subsequent fall of closing the wells and workers laid off.
Then, the short supplies send price up and the cycle repeats. With a population of only 6.2 million, not including refugees, Lebanon alone could not use all the natural gas that could be produced if, as the geologists believe it has significant offshore resources comparable to those in Israel and Egypt. It would probably seek to export its gas surplus to help pay for public services and aid to refugees, but again, it is potentially a victim of troubles plaguing its neighbors.
There are no neighboring country which the Lebanese gas could be shipped by pipeline, especially now that the bottom fell out of Syria. Lebanon would have to export its offshore gas in order to cash. But natural gas must be liquefied to be transported in specially built tanks, and Lebanon has no facilities to do so. Even if it did, it would have to compete on the world market with lower-cost suppliers in other countries, including the United States, where the price of gas at its lowest in almost four years. The government could net more than $ 600 billion over time
Lebanon has been beaten by a knockout punch after another. Many of his injuries were self-inflicted – civil war, sectarian conflicts, political paralysis, corruption, but the country has also been assailed from outside. It was also under Syrian military domination for years, has invaded twice by Israel, manipulated by Iran, and staggered by the bombing death of his former Prime Minister Rafik Hariri.
Now the small country struggling to feed, house and educate more than 1 million refugees next to Syria.What could go wrong? He could miss a major economic opportunity, partly for reasons beyond his control, but in part because the country cannot get its act together. There is just one year Lebanon, which needs all the help it can get, was preparing to auction the first drilling licenses for gas in its territorial waters. Nearly 50 major international energy companies, including Total, Shell, Chevron and ExxonMobil were trained in April 2013 to enter the bidding for exploration licenses. Since then, vast new gas reservoirs have been found in the waters of Egypt and Israel, which increases the likelihood that the pool extends into Lebanese waters as well, but nothing happened in Lebanon. The process came to an end.
The low prices have hurt the country’s drilling prospects
Meanwhile, the price of natural gas fell to a glut in the world, making it unlikely that a big company could commit in the near future to an expensive new drilling project such as Lebanon. The hydrocarbon industry functions in a price changing environment, where high prices encourage exploration, but when that exploration brings new fields on line, prices results subsequent fall of closing the wells and workers laid off.
Then, the short supplies send price up and the cycle repeats. With a population of only 6.2 million, not including refugees, Lebanon alone could not use all the natural gas that could be produced if, as the geologists believe it has significant offshore resources comparable to those in Israel and Egypt. It would probably seek to export its gas surplus to help pay for public services and aid to refugees, but again, it is potentially a victim of troubles plaguing its neighbors.
There are no neighboring country which the Lebanese gas could be shipped by pipeline, especially now that the bottom fell out of Syria. Lebanon would have to export its offshore gas in order to cash. But natural gas must be liquefied to be transported in specially built tanks, and Lebanon has no facilities to do so. Even if it did, it would have to compete on the world market with lower-cost suppliers in other countries, including the United States, where the price of gas at its lowest in almost four years. The government could net more than $ 600 billion over time
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