Oil reserves in Libya

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Libyan oil fields, pipelines, refineries and storage

Oil reserves in Libya are the largest in Africa and the fifth largest[citation needed] in the world with 76.4 billion barrels (12.15×10^9 m3) as of 2010. Oil production was 3.1 million barrels per day (490×10^3 m3/d) as of 2010, giving Libya 77 years of reserves at current production rates if no new reserves were to be found.[1] Libya is considered a highly attractive oil area due to its low cost of oil production (as low as $1 per barrel at some fields), and proximity to European markets. Libya's challenge is maintaining production at mature fields, while finding and developing new oil fields. Most of Libya remains unexplored as a result of past sanctions and disagreements with foreign oil companies.[2]

The majority (85%) of Libyan oil is exported to European markets.[3] 11% or 403 million barrels (64.1×10^6 m3) of oil imports to the European union in 2010 came from Libya, making it the third biggest importer behind Norway and Russia.[4]

Cumulative production through 2009 was 27 Gbbl.[5] Given the stated number, this would be 65% of reserves.

The drilling of oil wells in Libya was first authorised by the Petroleum Law of 1955.[6] The National Oil Corporation is the largest oil company of Libya .

References[edit]

  1. ^ "Oil". BP Statistical Review of World Energy June 2011 (BP). 2011. Retrieved 2011-10-24. 
  2. ^ "Libya - Oil". Country Analysis Briefs. US Energy Information Administration. 2007. Archived from the original on 2008-06-14. Retrieved 2008-01-20. 
  3. ^ "World Leaders Seek to Coordinate Libya Crisis Response". Country Intelligence. IHS Inc. 2011. Retrieved 2011-10-24. 
  4. ^ "Registration of Crude Oil Imports and Deliveries in the European Union". Market Observatory for Energy (European Commission Directorate-General for Energy). 2011. Retrieved 2011-10-24. 
  5. ^ "Daily and Cumulative Crude Oil Production in OPEC Members". OPEC Annual Statistical Bulletin (OPEC). 2009. Retrieved 2009-02-22. 
  6. ^ Waddams, Frank C. (1980), "The Libyan Petroleum Law of 1955", The Libyan oil industry, Croom Helm series on the Arab world, Taylor & Francis, ISBN 978-0-7099-0352-9 

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