Despite discussion around East Mediterranean’s gas having a global impact, it is locally that will be the most important, speakers at a recent event said.
Israel and Lebanon have begun discussions on shared boundaries, under an agreement brokered by the US.
Lebanese President Michel Aoun has condemned planned Israeli exploration in contested waters.
Total’s well offshore Lebanon has failed to find a reservoir in the Tamar formation, which was the exploration target.
French energy giant Total has entered into an oil and gas field in close proximity to the Israeli-Lebanese border dispute in the Middle East.
Lebanon has relaunched the country's first offshore licensing round for oil and gas exploration following a political paralysis which put the development of the nation's hydrocarbon industry on hold for three years.
Lebanon will auction energy-development rights to five offshore areas and adopt production-sharing contracts to attract international investors as the tiny country seeks to join a regional race to tap oil and gas wealth in the eastern Mediterranean.