Mar 7, 2017 - H.E. Mr. César Abi Khalil, Minister of Energy & Water, Lebanon .... policy paper on the electricity s
QUOTES FACTS FIGURES
OFFICIAL SPEAKERS:
• H.E. Mr. Saad Hariri, President of the Council of Ministers, Lebanon • H.E. Mr. César Abi Khalil, Minister of Energy & Water, Lebanon • H.E. Mr. Michel Pharaon, State Minister of Planning, Lebanon • H.E. Mr. Yassine Jaber, Former Minister of Economy and Trade, Member of the Lebanese Parliament, Lebanon • Dr. Alain Bifani, Permanent Secretary & Director General, Ministry of Finance, Lebanon • Mr. Wissam Chbat, President, Lebanese Petroleum Administration • Dr. Nasser Hoteit, Board Member, Lebanese Petroleum Administration
HONOR GUEST SPEAKER: • H.E.
Mr. Abdullah Bin Hamad Al-Attiyah, Chairman of Abdullah Bin Hamad Al-Attiyah Foundation for Energy & Sustainable Development, Former Deputy Prime Minister and Minister of Energy & Industry, Qatar
KEYNOTE SPEAKER:
• Mr. Stéphane Michel, Total MENA President, France
FACTS & FIGURES
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LEBANESE GOVERNMENT
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• 5 (Total, Solidere, Libano-Suisse Insurance Company, BBAC, MEA)
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Oil & Gas Lebanon’s National wealth®
THE OIL & GAS FORUM
“ROADMAP” MARCH 7, 2017
ESA BUSINESS SCHOOL, BEIRUT
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Under the Patronage, and in presence, of The President of the Council of Ministers H.E. Mr. Saad Hariri
INTRO
H.E. MR. MICHEL PHARAON
DR. ALAIN BIFANI
“… potential estimates are serious, namely onshore and near seashore connecting to the Lebanon offshore and Cyprus Exclusive Economic zone (EEZ) and are based on state-of-the-art survey techniques, but experts would not consider the results final for any area before drilling the first well and extracting samples of oil and gas.”
“The challenges of Petroleum Revenue Management [are that] petroleum revenues are more volatile and uncertain, [and that] by nature, natural resources are exhaustible: [so the revenues are] not really an income, but a transformation of wealth (from oil to cash). The petroleum reserves are being depleted, and will eventually run out.”
The 4th year’s Oil and Gas Forum organized by Front Page Communication was held on March 7th 2017 under the title “Roadmap” with its underlying thought being: “January 4, 2017 the two pending Oil & Gas Governmental decrees were passed by the Council of Ministers. How would a roadmap for developing the Oil & Gas sector in Lebanon look like?”
“… I will only stress again the importance to coordinate between different government entities to develop a comprehensive strategy and planning… It should also address the governance, legal body, reforms, and public private partnership tools that will create a favorable environment for international oil majors… and for the business community.”
SELECT QUOTES
“The planning should also address and include … electricity production (gas related), tourism and business activities, environmental risks, [and] sustainable growth…”
H.E. PRIME MINISTER MR. SAAD HARIRI “We are determined on setting a national energy roadmap; one that merges with Lebanon’s economic, social, geopolitical and developmental policies. This national energy policy will be characterized by proper governance and accountability.” “Cutting across Downstream, Midstream, and Upstream aspects of the Oil & Gas industry, [the national energy policy] will address environment, public health, education, vocational training, scientific research, revenue management, corporate governance and transparency.”
“The Middle East is estimated to hold 85 trillion cubic meters in gas resources amounting to 20% of the world’s total. Of that 85 trillion cubic meters, Lebanon is estimated to hold up to one trillion cubic meters, mainly in the Levant Basin.” “Most forecasts expect global gas production to increase 50% by 2040 from today’s levels to cope with projected growth in demand. Five countries (Russia, USA, Iran, Australia and China) will represent more than 60% of this growth in gas production.” “We insist on industrializing our nation, not just export all our gas.”
“Indeed, we plan to successfully transform our natural resource wealth into sustained economic growth and poverty reduction through the appropriate fiscal and structural policies…We shall not let this opportunity pass us by...”
MR. STEPHANE MICHEL
“The Lebanese Government incessantly strives to safeguard the country’s petroleum resources which lie within Lebanon’s Exclusive Economic Zone… Numerous and promising reservoirs and capacities lie in store within the Lebanese maritime waters.” “The domestic market awaits the news of commercial discoveries, as it’ll be the first customer for any amounts that will be produced, starting with the electricity sector which can readily rely on natural gas feeds for over 66% of its total production, then extending to industries and cities at a later phased time.” “We henceforth emphasize the fact that the Ministry of Energy & Water works according to a clear set of principles and priorities in addition to running multiple plans simultaneously, such as the policy paper on the electricity sector, the plan for renewable energy, the national strategy for the water sector, and the general policy adopted for the oil and gas sector.”
“Investment of the fund: [It goes] by augmenting the country’s net external assets in a way consistent with economic structure. The Sovereign Wealth Fund would help maintain external stability. [And an] accumulation of foreign assets in tandem with changes in hydrocarbon exports would help mitigate macroeconomic and social risks associated with the appreciation of the real exchange rate especially under the fixed exchange rate.”
H.E. MR. ABDULLAH BIN HAMAD AL-ATTIYAH
“… the Cabinet’s decision to join the Extractive Industries Transparency Initiative, (E.I.T.I.)… offers civil society a seat at the table and empowers them to actively contribute to governing their national wealth by having general oversight over the oil and gas sector.”
H.E. MR. CESAR ABI KHALIL
“Net proceeds arising out of Petroleum Activities or Petroleum Rights shall be placed in a sovereign fund… regulated by a specific law based on clear and transparent principles for investment and use of proceeds that shall keep the capital and part of the proceeds in an investment fund for future generations…”
“My recommendation [to Lebanon] is to import LNG for the next five years.” [which will cut costs and have less impact on the environment]
“…what you control is your operation in excellence, your cost, and the partner you choose. By operation excellence I mean first safety: Whatever we do, we have to be sure that one all our employees go back home safe at night; and second that you manage the risks… You need to be sure that your partners are going to guarantee the fact that they respect the environment, they are very conscious of the risks, and they are going to do everything to guarantee the safety of their operation.” “We have decided to integrate the 2 Degree Scenario… in our strategy, gradually decreasing the carbon intensity of our production… by focusing on oil projects with low break evens, prioritizing gas projects, exiting coal business, growing in renewables and low carbon business.” “Total was born in 1924 as a partner of the Iraq Petroleum Company. We stayed in that region [MEA]. Since then, it represents 25% of our production, we are there fully integrated. That presence isn’t coming by chance, and isn’t only because we are doing oil and gas; you have to give back. Giving back means first you are there for the long term when things go well, but as well when things go wrong. You have to give back to the society, small companies, private business, local business, and in terms of education.”
DR. NASSER HOTEIT “The 2010 Power Generation Policy called for reliance by 2020 on renewable energy at the rate of 12%, and on natural gas at 80%, all in a context of Public Private Partnership (PPP).” “The oil pipelines from Iraq and Saudi Arabia into Lebanon, to Tripoli and Saida/Zahrani respectively, are obsolete and would need to be rebuilt; the oil storage facilities there would also need to be rehabilitated. In addition, there would be a need to reconstruct one or two of the refineries in place through Public Private Partnership.”
MEDIA COVERAGE
