Since the outbreak of the uprising more than a month ago, LOGI has documented the country’s top leaders stating a large amount of inaccurate information on the oil and gas sector. They have often used this information as a means of assuring the public that Lebanon’s economic and financial situation will become better in the future.
LOGI has also seen false news circulated across social media networks.
As a public service, LOGI has responded to some of the most prominent false statements and myths being circulated.
This is false. Lebanon is currently set to begin exploration for oil and gas in January. We have no proven oil and gas reserves and no revenues from hydrocarbons.
This is false. If a commercially viable discovery is made next year, Lebanon will not see large revenues from the sector until about a decade later. Therefore, the sector can in no way be used to address a crisis the country is currently in the midst of.
It is impossible today to forecast the eventual revenues Lebanon will make from the sector many years from now. The numbers depend on the size of the discovery made, the cost of extraction and the price of oil and gas in international markets at the time of extraction.
10 wells are set to be drilled in Lebanese waters.
This is false. As per the contract signed between the Lebanese state and the consortium of Total, ENI and Novatek, four exploratory wells will be drilled in Block 4 off the coast of Beirut and in southern Block 9. The signed contracts have been published by the Lebanese government in March 2018.
Photo Source: Towards Data Science