Libya has started meetings to review its current oil and gas laws in order to draft new legislation that govern its sector and conform with international standards, the state-run National Oil Corp., or NOC, said Tuesday.
Libya has started meetings to review its current oil and gas laws in order to draft new legislation that govern its sector and conform with international standards, the state-run National Oil Corp., or NOC, said Tuesday.

A committee, which was formed to review the current laws, met Monday in Tripoli to prepare for the new laws that standardize the exploitation of Libya's oil wealth and "are in line with developments in the energy sector both inside and outside the country," NOC said in a statement posted on its website.

Libyan oil minister Abdel-Bari al-Arousi said in the statement that the committee will determine the sovereign role of national oil companies in oil and gas exploration and integrate them into a unified law that complies with international laws adopted by the Organization of the Petroleum Exporting Countries.

Libya , which is an OPEC member, produced 1.275 million barrels per day in February, according to a Dow Jones Newswires survey. The country hopes to organize a new oil and gas licensing round next year, Mr. al-Arousi said in December.

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