The Middle East Economic Survey (MEES) newspaper published a report covering the discussions that took place during the launch of the exploration bidding rounds in both London and Houston, highlighting various aspects related to the National Oil Corporation (NOC).
Changes in Agreements
Engineer Masoud Ashour Shreeha stated to our source that the newspaper addressed the NOC’s move to change the Exploration and Production Sharing Agreement 4 (EPSA-4), which was introduced in the 2000s, to Exploration and Production Sharing Agreement 1 (EPSA-1), which was used in the 1980s. He explained that this change would increase the foreign partner’s share at the expense of the NOC’s own share.
Harsh Criticism from Companies
Despite the concessions made by the corporation, the newspaper confirmed that the NOC faced sharp criticism from the companies participating in the bidding round. These criticisms included allegations of corruption, the deteriorating security and political situations, and criticism directed at the performance of the Government of National Unity and the judiciary.
NOC’s Silence Raises Questions
The report stated that NOC officials did not respond to these criticisms, even though the chairman of the board and the board itself are supported by the Tripoli-based government. This silence – according to the newspaper – leaves a negative impression that may affect the interest of companies, especially international ones, in future rounds.
Shaken Confidence in Current Management
The newspaper concluded by referring to the results of a survey indicating that international companies have become well aware of the current state of the NOC, and confirmed that confidence in the corporation has been lost under the current administration, amid the absence of any signs of internal reform.
