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.
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