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October 22, 2018 Summary of oil & gas diagnostic Lebanon has made several advancements towards unlocking its oil & gas resources, but remains at the early stages of a 10+ year journey. Achievements-to-date include awarding of exploration & production licenses and establishment of a regulatory and governance framework. However, exploration is unlikely to begin before 2019, and extraction is not expected to commence until 2019. There are many uncertainties surrounding the true value of Lebanon's oil and gas reserves, and the role of that they will play in Lebanon's future economy. Factors of uncertainty include volume and chemical make up of reserves, cost of extraction, as well as prices and market dynamics in the future oil market. While it is possible that oil and gas reserves will provide a key source of revenue for the government, it is also possible that they will not have any noteworthy contribution to the economy.
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