National Oil Corporation - Libyan Oil Sector: Overview

Libyan Oil Sector: Overview

Libya is a member of the Organization of Petroleum Exporting Countries (OPEC) and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Gbbl (6.60×10^9 m3) as of January 2007, up from 39.1 Gbbl (6.22×10^9 m3) in 2006. About 80% of Libya’s proven oil reserves are located in the Sirte Basin Province, which accounts for 90% of the country’s oil output. The province ranks 13th among the world’s petroleum provinces, having known reserves of 43.1 billion barrels (6.85×10^9 m3) of oil equivalent (367,00 000,000 bbl (0 m3) of oil, 37.7 trillion cubic feet (1.07×10^12 m3) of gas, 0.1 Gbbl (16,000,000 m3) of natural gas liquids). The government dominates Libya's economy through control of oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP, which was USD $50.2 billion in 2006.