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 among the ten largest globally[1] with 46.4 billion barrels (7.38×10^9 m3) as of 2010. Oil production was 1.65 million barrels per day (262×10^3 m3/d) as of 2010, giving Libya 77 years of reserves at current production rates if no new reserves were to be found.[2] 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 under-explored as a result of past sanctions and disagreements with foreign oil companies.[3]

The majority (85%) of Libyan oil is exported to European markets.[4] 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.[5]

Cumulative production through 2009 was 27 Gbbl.[6] 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.[7] The National Oil Corporation is the largest oil company of Libya .

See also[edit]

References[edit]

  1. ^ "Libya". Country Analysis Briefs. EIA. 2012. Retrieved 2014-10-30. 
  2. ^ "Oil" (PDF). BP Statistical Review of World Energy June 2011. BP. 2011. Archived from the original (PDF) on 2012-05-30. Retrieved 2011-10-24. 
  3. ^ "Libya - Oil". Country Analysis Briefs. US Energy Information Administration. 2007. Archived from the original on 2008-06-14. Retrieved 2008-01-20. 
  4. ^ "World Leaders Seek to Coordinate Libya Crisis Response". Country Intelligence. IHS Inc. 2011. Retrieved 2011-10-24. 
  5. ^ "Registration of Crude Oil Imports and Deliveries in the European Union" (PDF). Market Observatory for Energy. European Commission Directorate-General for Energy. 2011. Retrieved 2011-10-24. 
  6. ^ "Daily and Cumulative Crude Oil Production in OPEC Members". OPEC Annual Statistical Bulletin. OPEC. 2009. Retrieved 2009-02-22. 
  7. ^ 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