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Libyan oil fields, pipelines, refineries and storage facilities
Oil reserves in Libya are the largest in Africa, and among the ten largest oil reserves globally[1] with 46.4 billion barrels (7.38×10^9 m3) of proven oil reserves 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 in 2002),[3] low sulfur content, being classified as "sweet crude" and in its 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.[4]
The majority (85%) of Libyan oil is exported to European markets.[5] 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 exporter to the EU behind Norway and Russia.[6]
Cumulative production through 2009 was 27 Gbbl.[7] 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.[8] The National Oil Corporation is the largest oil company of Libya.
Oil reserves in Libya are the largest in Africa and the ninth largest in the world with 41.5 billion barrels (6.60 × 10 9 m 3) (or 3% of world oil reserves in 2007. The production of oil was 1.8 million barrels per day (290 × 10 3 m 3 /d ) in 2006, giving Libya 63 years of reserves at the current rate of production and in the absence of new discoveries.[9]
^"Libya: Country Analysis Brief". Energy Information Administration. 2012. Archived from the original on 2012-05-25. Retrieved 2014-10-30.
^ "BP Statistical Review of World Energy June 2011: Oil" (PDF). BP. 2011. Archived from the original (PDF) on 2012-05-30. Retrieved 2011-10-24.
^Country Analysis: Libya, July 31, 2002
^ "Libya: Country Analysis Brief: Oil". US Energy Information Administration. 2007. Archived from the original on 2008-06-14. Retrieved 2008-01-20.
^ "World Leaders Seek to Coordinate Libya Crisis Response". Country Intelligence. IHS Inc. 2011. Retrieved 2011-10-24.
^ "Registration of Crude Oil Imports and Deliveries in the European Union" (PDF). European Commission Directorate-General for Energy. 2011. Archived from the original (PDF) on 2011-11-06. Retrieved 2011-10-24.
^ "Daily and Cumulative Crude Oil Production in OPEC Members". OPEC Annual Statistical Bulletin. 2009. Archived from the original on 2010-12-26. Retrieved 2009-02-22.
^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
^Fjelde, Hanne (March 2009). "Buying Peace? Oil Wealth, Corruption and Civil War, 1985—99". Journal of Peace Research. 46 (2): 199–218. doi:10.1177/0022343308100715. S2CID 110469158.
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of Libya's proven oilreserves are located in the Sirte Basin, which is responsible for 90% of the country's oil output. The state-owned National Oil Corporation...
Africa's largest proven oilreserves are inLibya.[citation needed] The first well was drilled in 1956 and oil was struck in the following year.[citation...
2006. About 80% of Libya's proven oilreserves are located in the Sirte Basin Province, which accounts for 90% of the country's oil output. The province...
site. "The OilReserves of Libya — Discovered, Produced and Yet to Find: From Analysis of the Impact of Recent New Ideas from the Reserve Base". searchanddiscovery...
Oil Company (WOC; Arabic: شركة الواحة للنفط, shirkat al-wāḥa lil-nifṭ) is an oil company based in Tripoli, Libya, engaged in the fields of crude oil and...
Oil Bouri DP4 in the Bouri Field Pivot irrigation in Kufra. List of airlines of Libya List of banks inLibya Portals: Libya Companies Africa "Oil production...
backbone of the Libyan economy. As of 2021, Libya is recognized as the seventh-largest crude oil producer in OPEC and ranks third in total petroleum liquids...
country ranking 104th by HDI and has the 10th-largest proven oilreservesin the world. Libya is a member of the United Nations, the Non-Aligned Movement...
Proven oilreserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence...
972 million barrels of oil equivalent (5.95×109 GJ) of estimated proven reserves, of which 86% was in the United States and 14% was in Equatorial Guinea....
and produces crude oil, natural gas, and liquefied natural gas reserves worldwide. JAPEX has proven reserves of 272 million barrels in Japan and the rest...
was discovered in southern Cyrenaica during 1961 and is considered to be the largest oil field inLibya, with estimated oilreserves of 12 Gbbl (1.9 km3)...
located in the North-West of Libya. Discovered in 1956, Zelten was Libya's first major oil well, producing about 17,500 bbl/d (2,780 m3/d). In 1959, its...
world's proven oilreserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves. In a series of...
oil resources according to the EIA "U.S. Energy Information Administration (EIA)". www.eia.gov. Retrieved 15 September 2018. "Why Bahrain's Huge Oil Discovery...
of Libya's total proven oilreserves (41.5 billion barrels (6.60×109 m3) as of January 2007) and accounted for roughly 90% of the country's total oil output...
small horst block in the eastern Sirte Basin of the Libyanoil fields. It is most important and best known for the stacked oil fields in rocks ranging from...
and current extraction technology. Oil shale reserves (perhaps 3 trillion barrels (4.8×1011 m3)) and coal reserves, both of which can be converted to...
timber and tropical fruit. Recently discovered oilreserves have increased the importance of the commodity in African economies. Nigeria, Angola, Republic...
also offshore. As of 2009, proven oilreserves increased to 5 billion barrels, and there were proven natural gas reserves of 3 trillion cubic feet, although...
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