São Paulo – On October 21st and 22nd, Beirut, Lebanon will host the Lebanon International Petroleum Exhibition 2014 (Lipec). The event will showcase the potential of the Arab country’s hydrocarbon industry, with backing from the Brazilian Embassy in Beirut.
According to information from the organizers, Lipec will highlight onshore and offshore oil and gas extraction potential in Lebanon. Panels will cover export policies, contract systems analysis, productive chain development, financing mechanisms and specialized labour force training.
The conference will also include sessions with technical presentations about hydrocarbon exploration in the region, covering geology and geophysics; hydrocarbons exploration in the Levantine Basin; quality, healthcare, safety and environment; and drilling and engineering.
Lebanon has recently made several oil and gas discoveries. For the most part, new reserves are located offshore. Newly-found gas reserves may be as large as 25 trillion cubic metres. In early 2013, the Arab country selected 46 foreign companies to drill for oil on its coast, among them Brazil’s Petrobras.
The process, however, has been postponed several times due to a dispute over territorial waters between Lebanon and Israel. According to estimates from the United States Energy Information Administration (EIA), the Levantine Basin holds reserves amounting to approximately 1.7 billion oil barrels and 122 million cubic metres of gas. Currently, Lebanon depends on oil imports to meet 90% of its energy demands.
*Translated by Gabriel Pomerancblum
