The Libyan government says it will review all future contracts with oil companies in a bid to reap more benefit for the country, a senior Libyan government official told Dow Jones Newswires.

"Libya is going back to renegotiate all its oil contracts," Libya's national representative at the African Petroleum Producers' Association, Seddigui N. Ismail said in an interview at the APPA meeting in Yaounde last week.


"On completing the agreement with Repsol YPF, we can say that we have set the standards for old and new deals to be reached with old and new oil companies to operate in our country," he said referring to a deal with the Spanish oil company.

"The negotiations between Repsol YPF and the Libyan government are still on. We're still in talks and we're certain these agreements will be finalized in the nearest future. It could be next week, next month or so, but we're sure we'll get into new agreement with Repsol," he added.