The head of Libya’s Presidential Council, Mohamed Al-Menfi, has directed a halt on making new deals regarding existing oil fields in the country. This instruction, conveyed to Masoud Suleiman, the chairman of the National Oil Corporation (NOC), aims to prevent any further agreements, including contractual arrangements. Al-Menfi has also called for detailed reports on the legal, technical, and economic aspects of past deals to be submitted promptly to the Council.
This decision is part of efforts to safeguard Libya’s national economy and ensure maximum benefits from its vital oil resources. The move follows Prime Minister Abdul Hamid Dbeibah’s suspension of a contentious oil development pact, believed to involve the Arabian Gulf Oil Company, due to concerns about transparency and public opposition. Libya heavily relies on revenue from oil and gas exports, but production has faced disruptions due to conflicts and political instability in recent years.
In a separate development, Libya’s Ports and Maritime Transport Authority reported the failure of an operation to tow a damaged Russian liquefied natural gas (LNG) tanker. The 277-meter-long vessel, named “Arctic Metagas,” carrying around 62,000 metric tonnes of LNG, encountered difficulties in waters between Libya and Malta. Severe weather conditions, including strong winds and high waves, have rendered the tanker adrift and uncontrollable at sea. The towing operation was unsuccessful due to the hazardous weather conditions, leaving the vessel stranded.
