Formation of Joint Committee to Review Oil Sector Contracts (2021-2025)

The Prime Minister has established a four-member committee chaired by the Undersecretary of Economy and Trade to audit all oil production, development, and export contracts signed between January 2021 and December 2025. The committee has broad investigative powers including reviewing beneficial ownership, tendering compliance, and export operations, with authority to halt violations immediately and refer cases to prosecution.

Any company that entered into upstream or midstream oil contracts since 2021 faces imminent regulatory scrutiny of contract terms, beneficial ownership structures, licensing compliance, and tendering processes. This represents significant compliance risk and potential contract disruption. Companies should immediately ensure documentation completeness, verify all beneficial ownership disclosures are current and accurate, and prepare for possible suspension of operations if irregularities are alleged. Legal counsel familiar with Libyan procurement law should review tendering procedures retroactively.