This report provides an exhaustive assessment of the governance processes
and practices adopted to date in the elaboration of a framework for management
of the oil and gas sector in Lebanon. It reviews progress regarding ten key
areas of decision-making and foundations required for managing resources to
prosperity, highlights positive practices, and suggests practical
recommendations for improvement. The report covers Lebanon’s activities
from 2010 to 2018 in the aforementioned areas:
1. General Principles of Good Governance
2. Developing a Clear and Comprehensive National Oil and Gas Strategy
3. Establishing a Legal and Institutional Framework for Resource
Management
4. Determining a Framework for the Allocation of Exploration and Production
Rights
5. Obtaining Beneficial Ownership Information
6. Designing Fiscal Regimes
7. Setting up Natural Resources Funds
8. Creating and Defining the Mandate of a National Oil Company
9. Implementing Local Content
10. Paying Attention to the Environment
The following are key takeaways about sector governance in
Lebanon in relation to the subjects tackled in each chapter. It identifies
achievements when comparing with international best practices,
as well as where there is room for improvement.