Libya’s top financial auditor has sounded alarms over a tentative deal between the state-owned National Oil Corporation (NOC) and foreign energy majors to develop the Al-Hamada oil field in central Libya. Shukshuk identified numerous concerns with the current shape of the deal, most notably an “exceptionally high” production share allotted to the foreign consortium partners at 40%. “A stake of this size is unprecedented in Libya’s hydrocarbons industry and runs contrary to good governance practices,” he asserted. The auditor-general also questioned why local oil producers were not given priority in operating the Al-Hamada field, indicating they could fulfill this role with adequate financing channels and expert support. Shukshuk ultimately accused the NOC’s leadership of “unjustified stubbornness” in pushing ahead with the deal’s signing and implementation, despite acknowledging his bureau’s objections.

Source: Libya Today December 28, 2023 08:33 UTC