In 2010, the U.S. Geological Survey assessed the undiscovered oil and gas resources of the Levant Basin Province. Following such discoveries, it became compulsory for Lebanon to regulate all stages of the petroleum sector in order to ensure that a country rich in resources not only benefits from them but also avoids the resource curse.

In 1711, the Spectator stated that, "it is generally observed, that in countries of the greatest plenty there is the poorest living". History has witnessed the collapse of resource rich countries throughout the years due to the mismanagement and the corruption governing the natural resource sector. The oil and gas sector is recognised as one of the fields where corruption thrives given that such sector generates immense revenues and is governed by people entrusted with high power.

The fear of undergoing the resource curse was not the only factor that stimulated a legal framework for the petroleum sector in Lebanon. Indeed, the petroleum sector is primarily dependant on international know-how, workforce and most importantly, funding. Therefore, Lebanon had to present a credible image to international stakeholders in order to attract foreign investment and know how.