The Head of the Presidential Council, Mohamed Menfi, has instructed the Chairman of the National Oil Corporation (NOC), Masoud Suleiman, not to enter into any new participation agreements, production-sharing contracts, or similar arrangements related to already developed (producing) oil fields at the present time. Menfi also requested that it be urgently provided with all procedures and the legal, technical, and economic background related to any previous agreements or contractual arrangements. The statement added that this step aims to strengthen the protection of the national economy and ensure the state achieves the best possible returns from its strategic oil resources. Earlier, Prime Minister Abdul Hamid Dbeibah issued a decision to terminate the operations of Arknu Company by canceling the agreement signed between it and Gulf Company. He also addressed the justifications for contracting Arknu, noting that the NOC had previously claimed the company’s contracts met legal and technical requirements, and that they would contribute around $1 billion in financing to develop oil fields.

Source: Libya Observer April 04, 2026 19:05 UTC