After the two parties formally agreed to the terms of the settlement and began to put them into practise, the Lebanese people, who suffered from a crippling economic crisis three years ago, began to focus on the anticipated opening of their country’s oil fields in their sea, in the hopes that the “black gold” extracted to revive the economy will help.
Engineer Rabie Yaghi, an oil expert, stated in an interview with “Sky News Arabia” that the benefits of this agreement will come in stages. It can be said that the first stage ended with the creation of a “investment” atmosphere suitable for companies, after the marine line separating Israel and Lebanon became clear and safe. The oil companies will be able to start their work without obstacle, which is very positive and enables Lebanon to start using its petroleum industry.
According to Yaghi, the survey revealed that the southern area that was included in the settlement is very promising, indicating that the expected step is now the start of the Total company with blocking works in Block 9 for the purpose of exploration. If the results are favourable, the drilling will be expanded to start the process of estimating the existing quantities, and it is extracted in A later stage may reach at least eight years.
Yaghi asserts that Lebanon should not anticipate generating oil and gas profits prior to 2030.
For his part, economist Dr. Louis Hobeika said in an interview with “Sky News Arabia” that the signing of the maritime border demarcation agreement between Lebanon and Israel left the Lebanese from the possibility of war or conflict between the two parties, indicating that most Lebanese seek to live in peace without wars.
According to Hobeika, despite the positivity embodied by the agreement, it is too early to say that black gold will put an end to the suffering of the Lebanese, because Lebanon needs more than six years in order to benefit from the oil revenues, and therefore what limits the suffering of the Lebanese quickly is to put an end to the vacuum cases In the nations as a result of the obstruction to the formation of a government, the choice of a new republican president, and the development of an environment favourable to investment.
Hobeika stated that Lebanon’s economy cannot continue on aid and transfers as it is currently happening and that businessmen must arrive who invest and establish businesses for them and that does not happen in the absence of stability. The politician. Hobeika considered that the differences of Lebanese politicians among themselves do not be reassured and do not encourage investors looking for stability.
Does the plight of the Lebanese economy end with the discovery of “black gold”?
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