Walid Fayad, the Minister of Energy and Water in the caretaker government, delivered the keynote speech at the High-Level Global Energy Summit in London titled "A Promising Future for Electricity and Gas." He highlighted the Lebanese energy sector as a key topic at the conference, emphasizing investment opportunities in the sector amid the achievements accomplished. Contrary to expectations of a decline in the traditional oil and gas industry, Fayad presented arguments to affirm "the importance of continuing these resources in light of unprecedented population and economic growth globally, alongside the leading role of renewable energy and the significance of the energy transition."
Fayad unveiled opportunities within Lebanon's energy sector, affirming the country's position "as a key player in energy and the transition to renewable energy," announcing a historic turning point that Lebanon is currently experiencing based on three main pillars: a strong legal framework, geopolitical stability, and economic and trade reforms. He explained that the legal framework for offshore oil and gas in Lebanon "is robust as it provides clarity, stability, and vision for investors."
He added, "This legal framework includes laws and decrees for exploration and production and a decree defining ten offshore blocks for exploration in the Lebanese maritime waters." He noted, "This framework attracted a consortium of the largest global companies, including TotalEnergies, ENI, and recently Qatar Energy, to invest and cooperate with Lebanon in the exploration and production agreement for block 4 in the center and block 9 at the southern border. The legislative framework also attracted 52 energy companies to the first licensing round before it declined due to previous geopolitical instability."
He continued, "The second pillar of the transformation we are experiencing now is the renewed geopolitical stability, which Lebanon has successfully managed to navigate, largely due to the historic maritime boundary agreement reached in October 2022 under President Aoun, strengthening the commitment of major global companies to actively invest in exploration activities at sea following a period of stagnation, with the ongoing drilling activities in block 9 considered a turning point for the gas sector."
Fayad revealed that "within 30 days, we might reach a petroleum discovery in block number 9." He discussed the third pillar, which is economic and trade reforms, stating that "the energy sector in Lebanon has undergone a pivotal transformation, moving from random subsidies that damage the economy to a sustainable industry enabling its recovery."
