In this short documentary with the Lebanese Oil & Gas Initiative (LOGI), Dr Carole Nakhle, CEO of Crystol Energy, shares two diverging perspectives on whether Lebanon should continue the exploration for oil and gas, or keep them in the ground especially as the world moves to the post fossil fuels age.
The documentary is for the Oxford style debate organised by LOGI.
- Arguments in favour of leaving the oil and gas resources in the ground:
- The market for fossil fuels is shrinking and by the time Lebanon makes a discovery to first oil/gas (which usually takes about 10 years), the market will be very competitive and Lebanon will be at a disadvantage.
- Exploration and production activities are associated with a high environmental footprint.
- The resource curse which has blighted many developing countries is a real risk in Lebanon.
- Arguments in favour of exploring for oil and gas:
- Even as the energy transition accelerates, demand for oil and gas won’t disappear suddenly. If Lebanon doesn’t produce its potential discoveries, someone else will.
- Substantial revenues from oil and gas production can help funding investments in renewable energy.
- The risk for exploration and production is solely taken by the International oil comapnies, meaning there is no risk on the Lebanese government.
Watch Dr Nakhle's remarks on whether Lebanon should still pursue its oil and gas exploration activities despite the climate change challenge and the advances in renewable energy technologies
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