Lebanon’s long awaited exploration of oil and gas is right around the corner, expected to commence in 2019. After years of delay due to political deadlock, Lebanon has rightfully been granted permission to initiate their search for oil and gas. Lebanon’s interest lies in exploring the Eastern Mediterranean sea for potential oil and gas. This may have been brought about due to the fact that significant fields of oil and gas have been discovered in the Levant and Cyprus basins. The potential that this excavation may hold could be of high magnitude, with hopes to alleviate budget deficits and kick-start the economy.
Lebanon gained the necessary approval to plan and, subsequently, commence their excavation in December 2017. According to Reuters there is an estimate of 96 trillion cubic feet of natural gas reserves and an incredible 865 million barrels of oil offshore. Although, pre-exploration, this is only an estimate, the potential aftermath and impacts of the exploration may be beneficial for the country on many different levels. Lebanon’s exploration of oil and gas hopes to bring about a major economic boost, creating numerous businesses and employment opportunities. The future could be bright for Lebanon. Furthermore, the country’s strategic geographical location endows it with diverse export options.
In hope of beginning in 2019, Lebanon are about to kick-off 2019 in spectacular fashion. Lebanon’s vision is the fuel for success and with the right maintenance, they can utilise the profit from oil and gas and the country as a whole will reap the rewards.
“As such, the oil and gas sector provides a genuine opportunity for a soft landing in the Lebanese economy,” – Bank Audi.
Understand, Invest and Reap the Rewards – With Cedar Rose
It has been established that this oil and gas exploration can be a cause of major prosperity throughout Lebanon. There is significant possibility that this will pave the way for future investments, imports, exports and an overall growth in their economy. However, to prepare for the long-term means acknowledging and addressing the short and medium-terms first. So how can you grasp at this opportunity?
Fear of the unknown shouldn’t be a factor stopping you from seizing a grand opportunity. Cedar Rose has the largest database in the Middle East and North Africa (MENA) region, with data on over 11 million companies including over 90% of companies incorporated in Lebanon. It is possible to have access to this whole database in a clear and concise format right before your eyes, with either online or API connectivity. Moreover, our database (CRiS) identifies connections between people and people, companies and companies and people and companies, for you to fully Know Your Customer (KYC). By signing up to one of our data subscription services, you can have access to incredible amounts of relevant, up-to-date data that may be the window of opportunity for your investments.
Furthermore, if you are in need of a more detailed and extensive report of a company or individual then look no further. Doing your due diligence, especially when conducting business abroad, knowing your customer, their surroundings and local environment are of the utmost importance. Our due diligence investigations are conducted meticulously by a team of experts who are extensively knowledgeable in the field. Lebanon’s future could be very bright and with careful and professional research conducted on your behalf, you could maximise this great potential. Cedar Rose is the business intelligence solution for developing countries and beyond.
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Written By Jack Evangelides, Marketing Intern
Sourced Image: Pixabay
*** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. ***