Oil & Gas Libya 2011

Libya has the largest proven oil reserves in Africa with 42 billion barrels of oil and over 1.3 trillion cubic metres of gas. With only 25% of Libya’s surface territory explored to date there is every chance that actual reserves could see this figure dwarfed in coming years.

As Europe’s single largest oil supplier, the second largest oil producer in Africa and the continent’s fourth largest gas supplier, Libya dominates the petroleum sector in the Southern Mediterranean area and has ambitious plans for the future.

More than 50 international oil companies are present in the market and together with subsidiaries of the Libyan National Oil Corporation (NOC) are contributing to the country’s current production capacity of 2m b/d. NOC plans oilfield investment of some $10bn over the coming three years to increase potential production.