The Daily Star quoted experts at the conclusion of the Lebanon International Oil and Gas Summit as saying that Lebanon needs to proceed with plans for liquefied natural gas import terminals despite high offshore natural gas prospects.
Mr Naji Abi Aad COO of Petroleb said that "Everyone in the industry knows that it will take at least 8 years to be able to produce natural gas commercially. A floating LNG facility however, can become operational in about 20 months. We should start working on the needed infrastructure. But converting power plants from diesel to natural gas, one of the chief potentials of importing LNG, would require first developing Lebanon's coastal gas pipeline, a project still in its planning phase.
Mr Abi Aad said that "Converting power plants from fuel to natural gas would take time and so does signing supply agreements. Lebanon should start building infrastructure right now."
Mr Herman Neethling upstream commercial manager at Shell echoed Mr Abi Aad's views, estimating that Lebanon can save up to USD 100 million a month if it converts to natural gas. Export markets for Lebanon's potential natural gas production should only be considered after covering the massive needs for energy in the Lebanese market.
He said that "Natural gas is not only needed for power plants but also for domestic and industrial uses. Lebanon's industrial sector still depends on expensive and polluting fuels, the cement industry for instance still uses petroleum cake, a very polluting and inefficient fuel. But even when the domestic market is covered, Lebanon should be prepared for a tough competition on export markets."