Oil and economic expert Abdulmonsef Al-Shalwi told our source that Libya’s consideration of joining the Extractive Industries Transparency Initiative (EITI) represents an important step towards improving governance in the oil and gas sector and strengthening confidence in the management of natural resources and the revenues they generate.
He explained that this move is significant in seven key areas, including strengthening the institutional standing of the National Oil Corporation (NOC), improving the reliability of data and revenue figures, supporting the confidence of international partners, increasing transparency in crude oil marketing, improving governance and oversight mechanisms, building national capacities, and enhancing the efficiency of oil resource and revenue management.
Al-Shalwi noted that the NOC occupies a central position in the Libyan economy due to its role across the oil industry value chain, from production and exports to marketing and revenue generation. This makes its participation in the initiative important beyond procedural considerations, creating opportunities to improve institutional performance and strengthen professional standards in sector management.
He added that the Extractive Industries Transparency Initiative provides an international framework for improving disclosure of revenues, payments, contracts, and certain aspects of commercial transactions involving state-owned companies. This can help make data more verifiable and clarify the relationship between the performance of the oil sector and public revenues.
He also pointed out that combining the NOC’s technical and commercial expertise with the oversight mandate of the Audit Bureau could help establish a more integrated disclosure and verification system, provided that the accession procedures are completed and the necessary technical and institutional requirements for effective implementation are met.
Al-Shalwi concluded by stressing that pursuing this path presents an opportunity to strengthen confidence in Libya’s oil sector and consolidate its position as a reliable economic partner. He emphasized that the NOC’s importance extends beyond the volume of its production and exports to include its role in improving governance, safeguarding national wealth, and maximizing its economic returns in support of the sustainability of the Libyan economy.
