Sitting on Africa‘s largest oil reserves, one can expect foreign oil companies to be beating a path to its door clamouring for contracts. But campaigners urged the National Transitional Council (NTC) to refrain from any new oil concessions until an elected government is in place to avoid perceptions of a Libyan “oil grab”.
“Any deals at this time could raise concerns within Libya that international support for the NTC is driven by a desire for access to oil rather than for the benefit of the Libyan people,” said campaigning group Global Witness. “The NTC is likely to have to honour Gaddafi-era contracts in order to get oil revenues flowing. But no new deals for the exploration or exploitation of oilfields should be considered until an elected government can review existing rules and laws to ensure robust transparency and accountability.” Read more.
- Which Countries Will Benefit Most From The Return Of Libyan Oil? [GRAPHIC] (huffingtonpost.com)
- The new Libyan oil minister’s secret weapon: transparency | Johnny West (guardian.co.uk)