Oil reserves in Libya

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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]