BEIRUT Jan 31 Lebanon expects to start oil
production in 2018 and will deposit the resulting revenues into
a sovereign wealth fund, President Michel Aoun said on Tuesday.
"Everything that is extracted will be for the Lebanese
people," he said during a meeting with a press syndicate
Aoun said the revenues would be invested in development
projects, and vowed to increase efforts to upgrade Lebanon's
Lebanon has relaunched its first oil and gas exploration and
production licensing round after a three-year delay,
kick-starting the development of a hydrocarbon industry stalled
by national political paralysis.
Minister of Energy and Water Cesar Abou Khalil said last
week that Lebanon had opened five offshore blocks for bidding in
a first licensing round.
(Reporting by Ellen Francis; Editing by Kevin Liffey)