Libya’s Prime Minister Abdul Hamid Dbeibah has ordered the suspension of a contentious oil development agreement involving private firm Arkenu, citing growing concerns over transparency, accountability, and potential economic risks.
In a directive to the National Oil Corporation, Dbeibah said the deal had triggered public backlash and raised doubts about the management of Libya’s oil resources. He warned that similar agreements in the past had exposed legal and technical weaknesses, leading to reduced production and financial losses for the State.
The Prime Minister also pointed to rising public debt—now estimated at over 300 billion dinars—and cautioned that continuing with such contracts could further strain the country’s finances.
He ordered an immediate halt to the agreement pending a comprehensive legal and technical review, stressing that future oil deals must meet strict transparency standards and safeguard national wealth. Oversight bodies, including the Audit Bureau and Administrative Control Authority, have been tasked with reviewing related contracts and taking action where necessary.
The move underscores renewed efforts by the Libyan government to restore credibility in the oil sector and ensure that resource management aligns with national economic priorities amid persistent allegations of corruption.
