Caretaker Minister of Energy and Water Walid Fayad, who took part in a conference in Paris on “the role of gas in energy transition in the Mediterranean basin,” emphasized the importance of stability around the Mediterranean, so that coastal countries can achieve energy transformation, enabling them to meet international objectives related to reducing carbon emissions.
Speaking at the conference, organized by the Mediterranean Energy and Climate Organization (Omec), Fayad spoke of the role that countries in the northern Mediterranean basin can play in helping those in the south to achieve an energy transition, through appropriate financing.
He highlighted that the countries of the south must, in turn, develop the corresponding policies and legislation.
In response to a question, Fayad announced that the third round of bidding for gas exploration licenses in the Mediterranean, extended until next July, concerns nine out of ten blocks. Gas exploration in Block 9 has been fully committed to the alliance of Total Energy, Eni and Qatar, he recalled, pointing out that his ministry is studying the possibility of reducing the minimum capital threshold for companies wishing to participate in the third round of bidding without waving the required international conditions and standards, in order to attract as many companies as possible.
He also pointed out that the policy adopted in Lebanon, whereby subsidies on oil derivatives and electricity prices have been abolished, has stimulated the renewable energy sector in Lebanon.
