Libyan Minister of Oil and Gas, Dr. Abdulbari Alarusi [Al Arusi] (pictured), has told the Financial Times that Libya is drawing up an oil law to allow the country to launch a licensing round before the end of the year.
A committee has been formed to draft the law, and it is expected to be ready within four months "if all went well".
“All arrangements with foreign companies will be driven by Libya’s interests, not by those of individuals as was the case with some contracts in the past ... Another thing, everything will be transparent, which will bring costs down. There will be no corruption, so investors will find cheaper costs and a healthier environment.”
He added that the state was “getting stronger” and that youths from the militias were being absorbed into the security services. These include a special guard for oil installations [Petroleum Facilities Guard] under the command of the army, which now has 18,000 members.
But confidence is still low in the new guards, analysts say, and without a new oil law the country is unlikely to produce significant increases in its output.
(Source: Financial Times)