Lebanon’s hopes to develop an offshore gas sector were delivered a blow in April 2020 when the first offshore exploration well, drilled by Total and its partners, came up dry. The country is still hoping to join the club of East Mediterranean gas producers, despite the collapse of gas prices alongside crude oil prices in early 2020, the devastation wrought to the global economy by Covid19, and an oversupply of LNG, together with a long pipeline of new projects due to come on stream in the next few years.

OpenOil has carried out financial analysis of the potential of the sector for the Lebanese Oil and Gas Initiative (LOGI), which yields the following main findings:

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