The Prime Minister of the National Unity Government, Abdul Hamid Al-Dabaiba, stressed the necessity of working to increase oil and gas production through new exploration, and the necessity of supporting foreign and local investment in accordance with controls that include the rights of the Libyan state.
This came in a speech by Al-Dabaiba during the ninth regular meeting of the Supreme Council for Energy and Water Affairs in Tripoli today, Wednesday, in the presence of the Governor of the Central Bank of Libya, the President of the Audit Bureau, the President of the Libyan Investment Corporation, and the Ministers of Finance, Economy, Planning and Oil, members of the Council, and with the participation of the Board of Directors of the National Oil Corporation and the Corporation’s team of experts, a number of department directors at the Audit Bureau, and the Minister of State for Cabinet Affairs.
Al-Dabaiba stressed the necessity of discussing the development agreement for oil and gas discoveries, taking s
tock of all observations, and considering all regulatory and executive authorities and interested experts as a first party representing the Libyan state to preserve its rights.
Al-Dabaiba explained that today’s meeting was devoted to the corporation’s team to respond to the observations received from the Audit Bureau, and the memorandum submitted by Libyan experts in the oil and gas sector regarding the points that need clarification and response, stressing that all parties have a national responsibility to invest in the field of oil and gas in accordance with legal controls. And an art that guarantees the rights of our country.
The technical team of the National Oil Corporation presented a visual presentation showing the history of the piece targeted for development, which was discovered by the Al-Waha Company in 1959, and was assigned to the Arabian Gulf Company in 1975, 49 years ago. The National Oil Corporation conducted studies of the piece during the years (1988 – 2004 – 2014 – 2021) without Access to
a mechanism to develop the region.
The presentation presented the economic evaluation of the exploration development submitted by the international company Eni, and the consortium consisting of it (the French company Total – the Emirati company ADNOC – the Turkish energy company), which presented its first proposal, which included that the consortium bear the costs of development and production operations in exchange for recovering the costs and then sharing the surplus. Which the institution considered economically unviable for the Libyan state.
The attendees presented a number of technical and legal questions regarding the agreement in terms of funding sources, the possibility of the participation of Libyan financial and economic institutions, the legal procedures regarding the formation of the coalition, and the possibility of the participation of other specialized companies.
At the conclusion of the meeting, it was agreed that technical meetings should continue to be held with all experts interested in
the oil and gas sector and regulatory bodies to clarify any controversial points, and with local financial institutions to discuss the possibility of supporting this project.
The attendees stressed, according to the Prime Minister’s Media Office, that any observations from citizens, regulatory authorities, or the Attorney General will be subject to review and treatment before any decision is taken regarding them, as well as that there will be no delay in the faltering gas and oil discoveries for decades without justification.
Source: Libyan News Agency