April 07, 2016 | English and Arabic | Ata Richard EliasPetroleum Resources in the Lebanese Offshore: The Need for Credible Assessments and Adequate Policy
Although reputable foreign institutions and private companies have released estimates of large volumes of resources in the Levantine Basin, no discoveries in the Lebanese offshore have been made thus far as exploration there remains in its early phases. Petroleum estimates for the Levantine Basin and Lebanese offshore should be carefully interpreted and understood. Determining the size of hydrocarbon accumulations is essential to sound resource management and development. Exaggerated expectations are to be avoided as they can threaten national economies and the democratic process. It is recommended that with evolving exploration phases and the acquisition of additional data, the assessment of resources should be regularly undertaken and updated by independent groups and its results publicly disseminated and explained.