The global energy markets have been witnessing serious shock waves amid Russia’s invasion of Ukraine topped with supply shortages, price volatility and uncertain economic outlook. Major economies are bearing the brunt of the negative consequences of this crisis as global growth is projected to slow in the coming period. However, market changes have been noticeable especially on the traditional energy trade routes in order to meet the energy demand. In fact, the crisis paved the way for potential countries to enter the energy market for alternative suppliers to Europe. As such, Israel and the European Union have been in negotiations to export gas to Europe via Egypt.
As for Lebanon, it has no proven reserves of oil or natural gas, despite that several surveys have been carried out onto land and sea that revealed trace amounts of gas. However, the opportunities for Lebanon of entering the club of oil producers are highly uncertain, for reasons are mostly political and economic. Nevertheless, the most certain subject to shed the light on is the petroleum sector in Lebanon. As such, we will present a brief overview of Lebanon’s new industry, history of exploration, opportunities it brings to the country, as well as the challenges it offers.
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