Decision 918/2022: Approval of Foreign Share Sale in Al-Wahat Oil Company

The Council of Ministers approved the sale of Hess Libya's shareholding in Al-Wahat Oil Company to ConocoPhillips and TotalEnergies. This decision ratifies a transaction between international oil majors operating in Libya's upstream sector. The decision references prior approval (Decision 552/2021) and confirms final procedural authorization.

This decision demonstrates that major asset transfers between foreign operators in Libya's oil sector can proceed through ministerial approval, though the timeline (initial approval in 2021, final procedural approval in late 2022) suggests bureaucratic complexity. For international oil companies, it confirms that inter-company share transfers require Council of Ministers authorization, but such transactions remain viable with proper government engagement. The involvement of TotalEnergies and ConocoPhillips signals continued major international presence despite Libya's political fragmentation.