The former Undersecretary of the Ministry of Oil and Gas and Chairman of the Technical Committee for Discovered and Undeveloped Fields, Refat Al-Abbar, commented on news circulating within the oil sector regarding the National Oil Corporation's (NOC) seeking to sign an agreement with a foreign consortium to develop Al-Hamada gas field (NC7) in exchange for a 40% share for those companies.
Al-Abbar confirmed on Facebook that the information and studies conducted by international experts known for their competence and ability (American, French, and others) have proven that the amount of gas expected to be produced from this field will be very large with high economic benefits.
"If there is a Libyan financial possibility to invest in developing the field and benefiting from the entire production, then why does the NOC have to strike a partnership with foreign companies? Even if this partnership is necessary, what is the logical justification for giving a large and unprecedented share: 40% for foreign partners, especially since the development of this field will be in onshore areas of a suitable nature, and there are also fields adjacent to it shared with the NOC with percentages not exceeding 13%.” Al-Abbar added.
He said that by a simple comparison, the contractual area (D), which has a large portion in submerged areas, and a complex offshore production platform with a water depth of about 200 metres, the percentage was 40% and would drop to 30% after ten years. "So how can this field be granted when it is in onshore areas?" He remarked.
He said there's a possibility of developing the (NC7) field with Libyan funds so that the Libyan state can benefit from the entire production and revenue of the field without wasting any percentage and without wasting the state’s wealth, especially since this field is among the privileges of the Arabian Gulf Company, which is full of technical competencies and has qualified personnel that have the full ability to implement such projects using the latest technologies, but all it needs is to be given the required budgets.