On September 19, 2011, the Office of Foreign Assets Control, US Department of the Treasury (OFAC), issued two new general licenses to the Libyan Sanctions Regulations (LSR), 31 C.F.R. 570.

On 15 January 2013, the Libyan Ministry of Economy issued Decree No 22 of 2013 amending Decree No. 207 of 2012 in regards to foreign shareholding percentages.

Despite the current security problems, the Libyan government, due to its efforts to rebuild the New Libya, has situated the nation at the apex of a widely-anticipated economic boom...

The United Nations Security Council (‘UNSC') constantly highlights the importance of international support for Libyan control over its territory and resources.

Tensions in the Middle East continue to occupy oil and gas firms operating within Libya. Reports have suggested that, no matter the outcome of the current conflict, the Libyan National Oil Corporation (NOC) will expect contractual obligations to be kept.

Libyan oil reserves, estimated at 47.1 billion barrels, are the largest in Africa and among the largest in the World.

Following the decision of Rose J on 8 June 2015 setting aside a statutory demand served on Mr Maud, the Libyan Investment Authority appealed to the Court of Appeal.

On July 1, 2011, the Treasury Department’s Office of Foreign Assets Control ("OFAC") published a final rule imposing sanctions against Libya. New Part 570 to Title 31 of the Code of Federal Regulations, entitled the "Libyan Sanctions Regulations".

The documentary letter of credit ("LC") is a key payment method in international trade - not only does it satisfy both the seller's and the buyer's conflicting needs, but it also is considered to be relatively risk free.

Recent civil unrest and violence in Libya raises grave political and humanitarian concerns.

This is the second of four articles Clyde & Co aims to publish on the legal and regulatory framework affecting the oil and gas industry in Libya.