News
Third Edition: Lebanon International Oil & Gas Summit Holds in Beirut.
Leading oil and gas industry executives and experts from across the East Mediterranean will gather in Beirut this May, to gain invaluable insight to the newly presented opportunities in Lebanon’s energy sector, the challenges and the road ahead for companies and investors in the field.
Organizers of the Lebanon International Oil & Gas (LIOG) Summit have confirmed that the event will return 9 -10 May 2017 for its third edition, at the prestigious Hilton Beirut Habtoor Grand Hotel, under the high patronage of HE Eng. Cesar Abi Khalil, Lebanon’s minister of energy and water, and in collaboration with the Lebanese Petroleum Administration (LPA).
The summit will highlight the recent progress by Lebanon’s new government to advance its vast oil and gas potential after developing highly advanced world-class regulatory and operational frameworks for this nascent industry.
Launched in 2012 to support Lebanon’s initial findings and to explore the potential of the country’s hydrocarbon resources, LIOG 2017 will build on the success of its previous editions which attracted hundreds of delegates and dozens of high-caliber speakers from over 30 countries representing over 150 local and international companies and organizations, including major international oil companies (IOCs).
Held under the theme ‘Lebanon – Moving Forward’, LIOG 2017 will cover key areas with over 30 Lebanese, regional and international expert speakers who will share their insight on the following:
- Lebanon’s position as a key hydrocarbons player in the Mediterranean, highlighting recent achievements, showing the new potential of the country and providing delegates with an overview of the legal, financial and technical frameworks.
- Current and expected market conditions and regional geopolitics, along with their impact on Lebanon. In-depth discussions will cover issues like providing return on investment even with low hydrocarbon prices and drawing on international experiences, particularly in terms of turning such challenges into opportunities for all stakeholders.
- The many benefits that Lebanon has to offer and how has the country restated itself as an attractive destination for oil and gas investments.
We believe in Lebanon and in its business climate, which makes it a great place for the conferences and exhibitions industry
All the above subjects will be presented in a well-structured, rich programme, held over two consecutive days.
In addition to the prequalified companies for Lebanon’s first licensing round, participants will include a wide range of service providers including drilling and well servicing contractors; engineering, procurement and construction (EPC) contractors; banks and insurers; specialized law firms; HSE consultants and suppliers, and more.
Paul Gilbert, Managing Director organising company, Global Events Partners Ltd (GEP) said, “Following the recent approval by Lebanon’s council of ministers of the two crucial decrees and the official launch of the sector, everything is now in place for the Lebanese government to go ahead with the long-awaited first licensing round. We strongly believe that LIOG 2017 Summit has a pivotal role in this exercise, particularly in terms of promoting the country’s potentials and drawing investors.”
Dory Renno, Managing Director of the co-organising company, Planners and Partners S.A.L. added, “We believe in Lebanon and in its business climate, which makes it a great place for the conferences and exhibitions industry, We also strongly believe that successful conferences like LIOG reflect a positive image about Lebanon as an attractive investment arena, and highlight the many achievements by the government in terms of creating the right operational frameworks and promoting transparency in a sustainable manner.”
Renno added; “The Summit will also boast an international exhibition showcasing the latest products and services available by local, regional and international companies and organizations, and provide a unique branding opportunity for exhibitors.”
Lebanon, which is believed to have sizable hydrocarbon resources, has recently announced that five offshore blocks will be on offer in its first licensing round which is expected to take place during 2017.
Over 46 international companies were prequalified in 2013, and a new prequalification round is expected to take place in March 2017.
The 3rd LIOG-2017 Summit is organised by UK-based Global Events Partners Ltd (GEP) and Lebanese partner, Planners and Partners sal. Global Event Partners Ltd is affiliated to the dmg::events network.
dmg::events are the organisers of world renowned oil and gas events including Gastech, ADIPEC, the Global Petroleum Show and the World Heavy Oil Congress and are a subsidiary of the Daily Mail and General Trust plc, one of the largest media companies in the UK.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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