Naharnet

Geagea Vows to Prevent Corruption in Oil Sector, Says Reserves Worth $600 Billion

Lebanese Forces leader Samir Geagea on Thursday described the oil and gas sector as “the most sensitive sector in Lebanon.”

“The reserves are worth around $600 billion, that's why we will not be able to forgive ourselves should corruption or the squandering of funds affect this vital sector,” said Geagea during a Maarab seminar about the proper management of the oil and gas sector.

“Today we are in the government and we will monitor the situation closely and will not allow any corruption in this sector,” Geagea added.

The Cabinet had in January approved the long-awaited oil and gas exploration decrees in what was described as the new government's “first achievement.”

The key decrees pave the way for oil and gas extraction off Lebanon's coast, after more than two years of political deadlock had stymied previous efforts.

The decrees authorize regulators to divide the offshore areas into blocks for drilling and exploration and to issue tenders.

Earlier this decade, geologists discovered a bonanza of gas reserves off the coasts of Lebanon and Israel, sparking a frenzy of development on the Israeli side to tap into the fields.

Lebanon's successive governments, beset by infighting and corruption, made only marginal progress toward that goal.

A portion of the reserves lies in territory disputed by the two countries.

Hizbullah has repeatedly warned Israel against tapping into Lebanon's gas reserves.


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