TRIPOLI, April 4 (Xinhua) -- The head of Libya's Presidential Council, Mohamed Al-Menfi, has instructed that no new deals be made concerning already developed oil fields in the country, reports said Saturday.
The instruction to Masoud Suleiman, chairman of the National Oil Corporation (NOC), confirmed Saturday by the Presidential Council's media office, prohibits all forms of agreements in this regard, including contractual arrangements, Al-Ahrar TV reported.
Menfi also requested immediate reports to the Council on the legal, technical, and economic procedures and backgrounds of any previous deals.
The move is intended to strengthen protection of Libya's national economy and secure optimal returns from its strategic oil resources, said reports.
This development followed a previous decision by Prime Minister Abdul Hamid Dbeibah to suspend a controversial oil development agreement, reportedly with the Arabian Gulf Oil Company, citing mounting concerns over transparency and public backlash.
Oil and gas exports are Libya's main source of revenue, but production has been repeatedly disrupted in recent years due to conflict or political instability. ■
