Gov’t Appoints Oil Governing Body, Berri Lauds Step

Local Editor

The Lebanese government formed Wednesday the long-awaited Oil Governing body Administration in a major step towards benefiting from Lebanon's oil wealth.

The government decided to adopt Energy and Water Minister Gibran Bassil's suggestion to approve the names of the Petroleum Administration although the issue had not been on the government's agenda.

The six-member committee will have full powers to negotiate with international oil companies and issue licenses for the winning firms to drill for gas off the Lebanese coast.

The committee will also regulate the oil and gas sector to encourage oil firms to invest in Lebanon.
Information Minister Walid Daouk told reporters after the end of the session that the six members consist of Walid Nasr, Naser Htayet, Wissam Shbat, Gaby Daaboul, Wissam al-Zahabi and Assem Abu Ibrahim.

Britain-based Spectrum, which was conducting a 3-D seismic survey off the coast, said the southern northern territorial waters had an estimated 25 trillion cubic feet of gas buried under the sea.
For his part, Lebanese House Speaker Nabih Berri hailed the governmental achievement.
In an interview with "an-Nahar" Lebanese newspaper, Berri expressed his relief on the cabinet's step.
"The appointment of the oil administrative body for a six year is more than important and comes as part of the government's achievements," he said.
In parallel, the Speaker highlighted that "the step is in the interest of all the Lebanese and future generations regardless of their affiliations."

"It will lead to an economic advancement, resolve the general debt problem and put Lebanon in the regional oil club," Berri assured.

As he announced that he is happy with this step, Berri urged all parties to benefit from this economic opportunity.

Source: Lebanese dailies, Translated and Edited by moqawama.org