Data released by the Central Bank of Libya revealed a sharp and alarming decline in revenues transferred from the National Oil Corporation, with total remittances since December 25 to date amounting to no more than USD 1.019 billion. This comes as doubts and controversy resurface around the company “Arkenu,” which entered as a partner in the production and sale of Libyan oil without its operations being reflected as revenues in the state’s general budget.
Arkenu is considered one of the most opaque and controversial files in Libya’s oil sector. Prime Minister of the Government of National Unity, Abdulhamid Dbeibeh, has been unable to announce the results of investigations related to the company or halt its activities, despite the widespread uproar that accompanied its entry into the sector.
The ambiguity is not limited to the lack of transparency; it is further reinforced by the company enjoying influential backing from authorities in both western and eastern Libya alike, alongside staunch defense from Masoud Suleiman, Chairman of the National Oil Corporation, and Khalifa Al-Sadiq, Acting Minister of Oil. This raises serious questions about the nature of this political protection, the limits of accountability, and the reasons behind the company’s continued operation outside any clear oversight.
Since 2023, Arkenu has emerged as a rising partner in Libyan oil, beginning its operations in fields affiliated with the Arabian Gulf Oil Company. Successive financial reports from the latter have shown a clear deterioration in its financial position, contrary to claims of increased production, whether in its own fields or in other companies affiliated to the National Oil Corporation.
Despite this stark contradiction, the National Oil Corporation continues to justify weak revenues transferred to the public treasury by citing the failure to liquidate sufficient budgets—repeating the same explanations that have become the subject of widespread skepticism.In this context, Dr. Abubakr Abulqasim, Head of the Accounting Department at the Libyan Academy, stated that nearly three-quarters of oil revenues are lost inside what he described as the “drain” known as the National Oil Corporation, calling it a “black hole that has been tampering with the country’s revenues for years.” He stressed that the continuation of this situation enables influential actors to take their share at the source, constituting a fully fledged economic crime committed in full view of regulatory and judicial bodies.
For his part, oil expert Othman Al-Hdhiri warned that the National Oil Corporation has turned into a tool of political conflict, threatening its stability, undermining its developmental role, and weakening confidence in it both locally and internationally.
He emphasized that rescuing the sector requires clear policies to develop oil fields, reform resource management, and achieve institutional stability, away from opaque deals and political wrangling.In July 2025, Arkenu organized a conference to introduce the company and its activities. Its representatives told our source that the company is fully Libyan, operates within the private sector, and seeks to cooperate with local and international partners to support the Libyan economy and ease the burden on the state budget.They indicated that the company’s vision is to invest in Libyan expertise in the oil sector and increase production through advanced, fast-to-implement solutions, noting that “the private sector is more flexible than the public sector and has the ability to open new horizons for growth, in a way that respects Libyan laws and supports national human capital.”The company also revealed that it currently employs 200 staff members, having started with a team of no more than two people, adding: “In less than 10 months, we succeeded in raising production to 43,000 barrels per day—an important achievement for a startup company in the Libyan market,” according to its statement.It further affirmed that, contrary to what is being circulated, the company includes qualified Libyan youth and is supported by national businessmen, with the sole aim of increasing production through national competencies, away from any other agendas.
