Crisis also affects Lebanese Petroleum Administration

What Lebanon can achieve in the oil and gas industry after demarcating the maritime borders with Israel could be lost due to the negligence of the Lebanese Petroleum Administration by the relevant authorities, especially in terms of finances.

Before the crisis, this Administration had a budget of four million US dollars annually, but now it is at most 200 thousand US dollars, and even this amount still needs to be paid. 

The Lebanese state is currently due to the administration an amount of 22 billion pounds that it has yet to receive. 

Even if it did, it would still only cover a small portion of what the administration needs in terms of money for administrative and practical matters.

It is important to note that the salaries of the administration's employees and members declined unprecedentedly, which first prompted the resignation of two members of its board of directors, Assem Bou Ibrahim and Nasser Hoteit. 

There is also information that Walid Nasr, the administration's head, plans to resign soon, in addition to dozens of technicians and employees who have already done so.

If Nasser resigns, the number of members of the Board of Directors will decrease from 6 to 3, and it will be necessary to transfer the signature related to opening credits and any financial matter to the eldest member of the board.

The Ministry of Finance has been informed of the need to complete this matter. Still, it has yet to happen, which has raised questions among the Administration as to whether there are political backgrounds behind this obstruction.

The Administration had obtained prior approval to allocate 80% of the amounts issued by Total Company for training, which is estimated at 760 thousand dollars for blocks (4 and 9); These amounts should be placed in a particular account in fresh dollars in the Banque du Liban for the benefit of the treasury and that the administration could use.

The Administration also has obtained the approval of the Lebanese State Shura Council to open this account, but this can only happen if the signature transfer is approved.

In addition, the Administration must also wait for Total's approval, which must happen after the consortium is finalized and "QatarEnergy" Company joins it.