Oil reserves in Libya
Encyclopedia
Oil reserves
in Libya
are the largest in Africa and the eighth largest in the world with 46.4 Goilbbl as of 2010. Oil production was 1.7 Moilbbl/d as of 2010, giving Libya 77 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'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.
The majority (85%) of Libyan oil is exported to European markets. 11% or 403 Moilbbl of oil imports to the European union in 2010 came from Libya, making it the third biggest importer behind Norway and Russia.
Cumulative production through 2009 was 27 Gbbl. 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
. The National Oil Corporation
is the largest oil company of Libya.
Oil reserves
The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is...
in Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
are the largest in Africa and the eighth largest in the world with 46.4 Goilbbl as of 2010. Oil production was 1.7 Moilbbl/d as of 2010, giving Libya 77 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'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.
The majority (85%) of Libyan oil is exported to European markets. 11% or 403 Moilbbl of oil imports to the European union in 2010 came from Libya, making it the third biggest importer behind Norway and Russia.
Cumulative production through 2009 was 27 Gbbl. 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
Petroleum Law of 1955
Libya's Petroleum Law No. 25 of 1955 was the law of Libya which authorised the allocation of land to individual oil prospectors, and the drilling of oil wells. It followed the Minerals Law of 1953, which established a system for obtaining permits to survey for petroleum...
. The National Oil Corporation
National Oil Corporation
The National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around 70% the country's oil output...
is the largest oil company of Libya.