The Deputy of the Libyan Audit Bureau held discussions with the General Administration for Oversight of the Energy and Public Companies Sectors about the work of technical committees serving as observers in the annual oil inventory operations.
He emphasized the need to crown oversight efforts with a comprehensive qualitative report supported by technical observations and recommendations aimed at improving governance of inventory processes and addressing any negative phenomena in this regard.
During the meeting with the Energy Sector Oversight Administration, the Deputy addressed the issue of financial settlements concerning Mellitah Oil and Gas Company and the absence of its revenues over the past ten years.
He explained that delays in the settlement procedures by Mellitah resulted in approximately $53 billion being subject to noticeable negligence in their settlement by the National Oil Corporation (NOC) and the foreign partner.
The Deputy stressed the importance of urging the NOC to address this issue while safeguarding Libyan rights, noting that prolonged settlement periods further complicate and obscure the situation.
He also requested the Oil Sector Oversight Administration to submit a report on the matter within three weeks.
