Oil reserves in Libya
Oil reserves in Libya are the largest in Africa and the ninth largest in the world with 41.5 billion barrels (6.60×109 m3) as of 2007. Oil production was 1.8 million barrels per day (290×103 m3/d) as of 2006, giving Libya 63 years of reserves at current production rates if no new reserves were to be found. 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 would like to increase production from 1.8 Mbbl/d (290×103 m3/d) in 2006 to 3 Mbbl/d (480×103 m3/d) by 2010–13 but with existing oil fields undergoing a 7–8% decline rate, 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.[1]
Cumulative production through 2009 was 27 Gbbl.[2] 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.[3]
References
- ^ "Libya - Oil". Country Analysis Briefs. US Energy Information Administration. 2007. Retrieved 2008-01-20.
- ^ "Daily and Cumulative Crude Oil Production in OPEC Members" (Document). OPEC. 2009.
{{cite document}}: Unknown parameter|accessdate=ignored (help); Unknown parameter|url=ignored (help); Unknown parameter|work=ignored (help) - ^ Waddams, Frank C. (1980), "The Libyan Petroleum Law of 1955", The Libyan oil industry, Croom Helm series on the Arab world, Taylor & Francis, ISBN 9780709903529
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