Lebanon's Oil and Gas - Updates and Discussion [Exploratory Drilling Commences]

Will the Oil exploration be free of corruption

  • Yes

    Votes: 3 10.3%
  • No

    Votes: 17 58.6%
  • Mainly Yes

    Votes: 4 13.8%
  • Mainly No

    Votes: 5 17.2%

  • Total voters
    29
NAFAR

NAFAR

Legendary Member
It is really pathetic to see all these dogs barking after PMA speech yesterday.
I mean if you have nothing positive to offer to the public better shut up......these politicians and journalists are sounding like an Ex-GF ditched by Bassil and FPM :lol:
 
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  • Dr. Strangelove

    Dr. Strangelove

    Nuclear War Expert
    Staff member
    Oil discovery in Lebanon and Dutch disease:

    - We still have no clue about extractable oil/gas reserves in offshore blocks.
    - Either way, we're 10 years away from production.
    - Any eventual revenues from fossil fuels will probably be on the restructuring table

    Oil-producing countries (with levels significant to GDP) suffer from "Dutch Disease":
    - Oil money enters the country and is spent on non-tradable goods
    - Money supply rises: extra demand pushes up domestic prices.
    - Real exchange rate goes up, economy loses trade competitiveness
    - Non-tradable goods sectors like Real estate and certain services grow at the expense of industry and agriculture (high FX rate makes productive sectors less competitive).
    - Real estate and oil production are not labor-intensive sectors, unemployment rises

    Some countries like Norway transfer oil (commodity) revenues to a sovereign wealth fund to fight dutch disease (and other reasons). Others simply can afford not to care thanks to a limited population (UAE , Qatar) . Most invest in industries related to their commodity

    if dutch disease looks familiar, it's because we already suffer from it in Lebanon. The country exports its youth that wire $ to the economy, just like oil. This money gets spent on RE and services which create few labor opportunities. this in turn pushes people to work abroad

    In our current economic model,oil money will only exasperate inequalities and accelerate immigration.We will not even benefit from oil-related jobs as we lack expertise. Check Equatorial Guinea :eek:il producing , high GDP per capita , 40% of population are poor and bailed by IMF

    For conspiracy spinners: the US is losing interest in Middle East oil . after the Arab oil embargo, the US divested its oil imports. Recently, the US began extracting previously inaccessible shale oil thanks to hydrofracking breakthroughs.


    المحصلة : النفط إن وُجِد و استُخرِج لن يحلّ مشاكلنا الإقتصادية و الإجتماعية. الحل بإصلاحات و تغييرات اقتصادية و سياسية جذرية.


    And this is the definition of the Dutch disease

    In economics, the Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The putative mechanism is that as revenues increase in the growing sector (or inflows of foreign aid), the given nation's currency becomes stronger (appreciates) compared to currencies of other nations (manifest in an exchange rate). This results in the nation's other exports becoming more expensive for other countries to buy, and imports becoming cheaper, making those sectors less competitive. While it most often refers to natural resource discovery, it can also refer to "any development that results in a large inflow of foreign currency, including a sharp surge in natural resource prices, foreign assistance, and foreign direct investment".[1]

    The term was coined in 1977 by The Economist to describe the decline of the manufacturing sector in the Netherlands after the discovery of the large Groningen natural gas field in 1959.[2]

    Interesting. I agree, of course. Oil and gas can be a huge asset in Lebanon's recovery, but it is not in itself the solution. It shouldn't be used to paper over cracks that desperately need to be addressed, such as corruption and mismanagement of the country.
     
    27 Feb. 2020 - Exploratory Drilling Commences
    Dr. Strangelove

    Dr. Strangelove

    Nuclear War Expert
    Staff member
    MTV:
    انطلاق عملية التنقيب عن النفط

    صورة من ساحل كسروان للباخرة التي بدأت التنقيب عن النفط في المياه الإقليمية اللبنانيّة
    getImage.jpeg


    Hype and propaganda aside, this does feel like a potentially historic day.
     
    TayyarBeino

    TayyarBeino

    Legendary Member
    • رئيس الحكومة حسان دياب خلال اطلاق عمل الباخرة التي ستتولى حفر البئر النفطي في البلوك رقم 4:
      - من وسط الظلام، ستُفتح اليوم كوة نور كبيرة فتوسع دائرة الأمل بتجاوز لبنان الأزمة الاقتصادية الحادة التي تضيق الخناق على الواقع المالي والاجتماعي للبنانيين
      - يوم تاريخي نبدأ فيه الحفر في البحر لتحويل لبنان الى بلد نفطي لنحفر في البر مستقبل لبنان الجديد الذي نريده ان يعود مزدهراً



    • 14:17

      الرئيس عون شكر شركات "توتال" و "ايني" و "نوفاتك" وتمنى ان يكون هناك تعاون معها في مجالات اخرى في المنطقة الاقتصادية الخالصة للبنان



    • 14:14

      الرئيس عون خلال اطلاق عمل الباخرة التي ستتولى حفر البئر النفطي في البلوك رقم 4:
      - يوم سعيد لنا ولكل اللبنانيين، ونأمل ان يتحقق هذا الحلم الذي حلمنا به وعملنا على تحقيقه اليوم .. انّ بداية اي مشروع كبير تعتبر بداية تاريخية



    • 14:14


      الرئيس عون أطلق عمل الباخرة التي ستتولى حفر البئر النفطي في البلوك رقم ٤ تتمة
     
    Orangina

    Orangina

    Legendary Member
    في مثل لبناني بقول ما بصير فول غير في المكيول. نحن لهلق بدون فول و المكيول منقور من كذا ميلة
    خيي وافترضنا معك حق... ومش مؤكدين اذا في نفط او لا... بس عالقليلة التيار عم يشتغل... عم يعمل شي... بدل ما تجو تشجعو وتحطو ايدكن بايد التيار قاعدين عم تشربو متة وتنتقدو... خيي عملولكن شي شغلة..عملولكن شي انجاز.... يعني صرنا حاسين اخر شي انو في ناس بدها انو يطلع ما في نفط بس حتى ما يتسمى انجاز للتيار


    خلصنا بقى يا بدكن تشتغلو يا بس بدكن تنتقدو
    ما بصير
     
    Weezy

    Weezy

    Well-Known Member
    It is really pathetic to see all these dogs barking after PMA speech yesterday.
    I mean if you have nothing positive to offer to the public better shut up......these politicians and journalists are sounding like an Ex-GF ditched by Bassil and FPM :lol:
    it’s pathetic for a president claiming to be bay l kel to Come speak in the name of fpm and try to rescue bassils public image.

    what’s more funny is that fpm makes it sound like the oil was found under bassil’s house
     
    R

    Ralph N

    Well-Known Member
    it’s pathetic for a president claiming to be bay l kel to Come speak in the name of fpm and try to rescue bassils public image.

    what’s more funny is that fpm makes it sound like the oil was found under bassil’s house
    Yeah bass rafiq el harirri his agenda was to keep the oil down, give palestinians and syrians citizenship and you get to be happy...
     
    Rafidi

    Rafidi

    Legendary Member
    it’s pathetic for a president claiming to be bay l kel to Come speak in the name of fpm and try to rescue bassils public image.

    what’s more funny is that fpm makes it sound like the oil was found under bassil’s house
    The truth of the matter is if Aoun was not President, and if Diab was not PM and Basil was not Energy Minister, some people didn't want Lebanon to walk towards financial and economic independence.

    If FM had held the energy ministry and worked for the country to become an oil and gas producer, everyone would have given credit to their efforts. So you should give credit where and to whom it is due. Some people are not happy that Lebanon is on the path of financial liberation. They want Lebanon to remain a beggar state, and bowing to their foreign masters.

    I can't wait to hear the news that the drilling has produced the good result. So Weezy, try and be optimistic and look at the brighter side of things.
     
    R

    Ralph N

    Well-Known Member
    The truth of the matter is if Aoun was not President, and if Diab was not PM and Basil was not Energy Minister, some people didn't want Lebanon to walk towards financial and economic independence.

    If FM had held the energy ministry and worked for the country to become an oil and gas producer, everyone would have given credit to their efforts. So you should give credit where and to whom it is due. Some people are not happy that Lebanon is on the path of financial liberation. They want Lebanon to remain a beggar state, and bowing to their foreign masters.

    I can't wait to hear the news that the drilling has produced the good result. So Weezy, try and be optimistic and look at the brighter side of things.
    The next few months I feel they are going to hold positive results ....
     
    HannaTheCrusader

    HannaTheCrusader

    Legendary Member
    Orange Room Supporter

    غرد "رئيس التيار الوطني الحر" وتكتل " لبنان القوي" الوزير السابق النائب جبران باسيل على حسابه عبر تويتر قائلاً: "من ورقة مخرطش عليها، لحفارة ضربت اليوم أول ضربة بالبحر، مرّ ببالي شريط النفط على مدى 10 سنين من القانون، للمراسيم، للهيئة، لدورة التراخيص والتصنيف والعقود والتلزيم؛ مشوار طويل تمسخروا عليه وشكّكوا فيه، حتّى الحلم صار حقيقة".

    وأضاف: "بذكر كل اللبنانيين اليوم بالخير، يلّي تعبوا لوصلنا لهون وحتى يلّي عرقلوا، لأن كل لبنان رح يستفيد؛ وبقول النفط والغاز كنز مخبّأ ببحرنا وبرّنا واكيد رح يظهر، المهمّ نبقى حاميينه من فساد الداخل وطمع الخارج".
     
    R

    Ralph N

    Well-Known Member
    Guys. I just got this insight..

    Very Good results about the oil... something that may give tremendous results... its good... Mabrouk guys....
    We will have quick and fruitful results...
     
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