Menfi halts new oil agreements, citing national interest

The head of Libya’s Presidential Council, Mohamed al-Menfi, has instructed the chairman of the National Oil Corporation, Masoud Suleman, not to enter into any new production-sharing agreements or similar contractual arrangements concerning already developed (producing) oil fields.

The directive, set out in a letter dated 26 March and confirmed by the council’s media office on Saturday, comes as part of efforts to oversee Libya’s economic affairs and ensure the responsible management of its natural resources.

The Presidential Council said the move aims to safeguard the interests of the Libyan people and future generations, while ensuring that the country’s oil sector is managed in line with standards of transparency and good governance.

Al-Menfi also requested the urgent submission of all legal, technical and economic details relating to any previous agreements or contractual arrangements.

He further called for a detailed account of negotiation stages, the parties involved, and the criteria on which such agreements were based, to allow the council to carry out a full review and take decisions in line with the national interest.

The council said the step is intended to strengthen the protection of the national economy and ensure the best possible return for the state from its strategic oil resources.