Libya Moves to Halt New Oil Field Agreements
The directive, addressed to Masoud Suleiman, chairman of the National Oil Corporation (NOC), was officially confirmed by the Presidential Council's media office and extends to all forms of contractual arrangements tied to existing oil fields, media reported. The order leaves no room for exceptions across any category of deal-making in this domain.
Al-Menfi has further demanded that the Council receive immediate and comprehensive reports detailing the legal, technical, and economic procedures underpinning any previously concluded agreements, signaling a thorough review of past dealings.
The directive is aimed at reinforcing safeguards around Libya's national economy and ensuring the country extracts maximum returns from its strategically vital oil assets, according to reports.
The move follows an earlier decision by Prime Minister Abdul Hamid Dbeibah to suspend a contentious oil development agreement — reportedly involving the Arabian Gulf Oil Company — amid growing public pressure and mounting concerns over transparency in the management of the country's energy sector.
Oil and gas exports remain the cornerstone of Libya's economy, though production has suffered repeated setbacks in recent years, battered by cycles of armed conflict and chronic political instability that have long undermined the nation's ability to fully capitalize on its vast petroleum reserves.
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