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

W460

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.

Comments 5
Default-user-icon zgartawi (Guest) 23 March 2017, 20:54

But After Bassil and Israel skim the top , Lebanese are lucky to break even .

Thumb gebran_sons 23 March 2017, 22:09

Talk but no action! because it is obvious Lebanon's decisions are hijacked by Hizb and all government actions ultimately serves Hizb and Iran interests (Aoun and company are nothing more that useful puppets and a cover up to Hizb actions, same as in 2006) As to oil resources, check how it is used in Iran and you'll get a picture of how it will be wasted in Lebanon; more arms in addition to lining the pockets of the political mafia class and giving them greater militias to opress others.

Missing humble 24 March 2017, 01:49

Perfect comment. Thank you.

Missing humble 24 March 2017, 01:50

Imbassil has already guaranteed his part!!!

Default-user-icon FreeLebanon (Guest) 24 March 2017, 19:58

Samir Geagea is all talk 0 action. Now he's a liar too