Libyan Oil and Gas Industry

Libya oil and gas fact file:

• The hydrocarbon industry accounted for 95% of Libya's export earnings and 70% of the country's gross domestic production.
  
• According to estimates Libya holds close to 44 billion barrels of oil reserves, the largest in Africa. Oil production in 2008 was 1.88 millions barrels per day (bbl/d)
  
• 80% of Libya's oil reserves are located in the Sirte basin, which is responsible for 90% of the country's oil output.
  
• Libya's oil production peaked at 3 billion bbl/d in the late 1960's and has since been in decline. The National Oil Company (NOC) would like to raise oil production capacity to 2.3 billion barrels / day by 2013.
  
• Libyan oil is generally light and sweet, the sweeter grades are generally sold to Europe and the heavier crudes are often exported to Asian markets.
  
• Libya has five domestic refineries with a combined capacity of 378,000 bbl/d. An agreement has recently been signed to upgrade Libya's largest refinery, Ras Lanuf to expand output and the government is promoting the refining of Libyan oil in Libya.
  

For further information on the Libyan Oil and Gas industry please look at:

National Oil Corporation

Libyan Petroleum Institute