Libya’s state-run oil company NOC’s new chairman, Mustafa Sanallah, while giving the keynote address at the 3rd New Libya Oil & Gas Forum, revealed that the state-run firm is currently working with the government on a new petroleum law.
The new agreements with international firms will fall under the new law.
Sanallah said the beginning of 2015 is the approximate timeframe for implementation of the new law.
Dr. Najme Karim, Head of the Delegation at the forum and Head of the Studies and Developing Oil Laws Committee the Libyan petroleum ministry, said the new law has been under development since March 2013 and is should be ready in a few months.
It will be approved when Libya has a new permanent government.