Participants of the Lebanese Center for Policy Studies (LCPS) and the Lebanese Petroleum Administration's (LPA) recent roundtable make the following recommendations that ought to be taken into account in the development of the Oil and Gas sector:
Transparency needs to be maintained throughout the entire decision-making process
- Transparency needs to be maintained throughout the entire decision-making process, from new laws and bidding all the way to revenue management and spending.
- The state must better communicate its vision of the O&G sector to ensure that best practices are adopted.
- A progressive fiscal framework must be adopted in order to optimize the country's fiscal rewards while establishing an attractive business environment.
- The government should enable a pragmatic initial bidding process and gradually open access to Lebanon's decided blocks.
- It is necessary to formulate and implement the appropriate policies that shield the Lebanese economy from potential negative impacts of anticipated oil and gas revenues.
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