Libya Oil And Gas News
Most Recent Updates
Introduction
- The Libyan economy is heavily dependent on the hydrocarbon industry which, according to the International Monetary Fund (IMF), accounted for over 95 percent of export earnings and an estimated 80 percent of fiscal revenues in 2008 – preliminary 2009 data and short-term forecasts indicate that these figures will remain relatively stable through 2014.
- According to the Oil and Gas Journal (OGJ), Libya holds around 44 billion barrels of oil reserves, the largest in Africa, and slightly over 54 trillion cubic feet (tcf) of natural gas reserves. In 2009, total oil production (crude plus liquids) was approximately 1.8 million barrels per day (bbl/d).
- The Libyan government plans to increase its oil reserves, production capacity, and further develop the natural gas sector in the medium-term as the country continues to recover from over a decade of U.S. and international sanctions. The United Nations and the United States lifted sanctions on Libya in 2003 and 2004, respectively. In 2006, the United States rescinded Libya’s designation as a state sponsor of terrorism. Since then, international oil companies have stepped up investments in hydrocarbon exploration and production despite some degree of regulatory uncertainty.
- Libya’s energy consumption mix has remained relatively constant throughout the decade, with approximately 74 percent of energy demand being met by oil and 26 percent by natural gas. However, with electricity demand on the rise, the government is planning to expand the use of natural gas to meet domestic needs while also exploiting solar and wind potential in more rural areas. Natural gas currently represents about 45 percent of generated electricity.
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page revision: 3, last edited: 25 Apr 2012 13:51
