During today’s Monday meeting, the Head of the Audit Bureau, Khaled Shakshak, discussed the NC7 Hamada Field project for gas investment with the Chairman of the National Oil Corporation, Farhat Bengdara. The meeting also addressed the fuel crisis and its smuggling outside the country.
Shakshak emphasized the need to assess the feasibility and suitability of projects, the possibility of the institution’s self-financing, requiring more transparency, disclosure, and sufficient time for study to achieve a common understanding.
Bengdara explained the background that led to seeking external investors for some strategic projects, stating that investment in this field requires substantial funding and a suitable flow in financial streams that the institution may struggle to meet under the current economic conditions. This prompted the institution to seek stable foreign investment, acknowledging the essential need to enter new projects in the oil and gas sector and expressing commitment to the Audit Bureau’s observations and eagerness to act on its recommendations.
The meeting also discussed the agreement for the development of two gas fields signed between the Italian company Eni and the National Oil Corporation in late January of last year. Additionally, it covered the agreement for the planned South Refinery project in Ubari, signed between Zallaf Libya for Oil and Gas Exploration and Production and the American Honeywell. The meeting also touched upon Ras Lanuf Refinery project and its return to operation, discussing the obstacles preventing its commissioning.