Lebanon petrochemical crude oil storage news

Could oil and gas be a source of revenue for Lebanon?

Lebanon's government hopes to reduce its liabilities and emerge from its worst economic crisis since the country's independence by utilizing possible oil and gas reserves as a source of revenue. The passage does not specify the exact amount of revenue that could be generated.

Where does Lebanon import petroleum products?

Lebanon imports petroleum products (including residual fuel oil, distillate fuel oil, kerosene, jet fuel, motor gasoline and so on) from several different countries, such as Russia, France, Italy and Kuwait.

Why is Lebanon drilling for oil and gas?

Lebanon is drilling for oil and gas due to an energy crisis triggered by Russia's war in Ukraine last year. Competition for liquefied natural gas has increased, with Europe importing record volumes of the supercooled fuel last year to replace Moscow's supplies. The background of Lebanon's oil and gas drilling efforts is this energy crisis.

How long will oil and gas exports last in Lebanon?

In Lebanon, revenue from oil and gas exports is expected to start coming in seven to eight years after the necessary infrastructure and pipelines are built, according to Mr. Saidi. The start of exports is dependent on the infrastructure build-out and uncertain oil and gas prices.

Could Israel-Lebanon agreement pave the way for oil and gas exploration?

Domestic Swt. @ Cushing • 3 days Israel and Lebanon have reached a “historic” agreement to settle their long-running dispute over their maritime border—an agreement that could pave the way to more oil and gas exploration in Eastern Mediterranean waters where major gas discoveries have been made in recent years.

Could Lebanese pound be a year away from oil & gas discoveries?

Lebanon, which is in the middle of its worst economic crisis, may be years away from realizing the benefits of any potential oil and gas finds in the Levant Basin*. AP* A man holds Lebanese pounds during a protest. The currency has plummeted by more than 90 per cent against the US dollar.