Libya's Ministry of Oil and Gas has welcomed the official stances against the proposed contract between the National Oil Corporation (NOC) and the consortium comprising Eni, ADNOC, and Total.
The deal grants the consortium a 40% stake in the production of field (MN7 A) located in Al-Hamada Al-Hamra.
In a statement, the ministry praised many Libyans who opposed the contract and stated their unwillingness to compromise.
It said it had alerted all relevant parties about the potential risks and disadvantages of such a negotiation.
As an alternative, the statement suggested that the Libyan state develop this discovery in partnership with financial institutions or through borrowing.
The ministry called for decision-makers to consider the guidance of supervisory and judicial authorities, as well as the technical and national opinion provided by the ministry itself, based on its expertise and knowledge.
