BEIRUT, Jan 31 (Reuters) - Lebanon expects to start oil production in 2018 and will deposit the resulting revenues into a sovereign wealth fund, President Michel Aoun said on Tuesday.
"Everything that is extracted will be for the Lebanese people," he said during a meeting with a press syndicate delegation.
Aoun said the revenues would be invested in development projects, and vowed to increase efforts to upgrade Lebanon's crumbling infrastructure.
Lebanon has relaunched its first oil and gas exploration and production licensing round after a three-year delay, kick-starting the development of a hydrocarbon industry stalled by national political paralysis.
Minister of Energy and Water Cesar Abou Khalil said last week that Lebanon had opened five offshore blocks for bidding in a first licensing round.
(Reporting by Ellen Francis; Editing by Kevin Liffey)
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you