Middle East / Africa

Libya flag
Summary | Profile

Country profile: Libya

Location: Northern Africa, bordering the Mediterranean Sea, between Egypt and Tunisia
Climate: Mediterranean along coast; dry, extreme desert interior
Terrain: mostly barren, flat to undulating plains, plateaus, depressions
Size: 1759540 sq. km total (Land area: 1759540 sq. km )
Population: 6,173,579
Languages: Arabic, Italian, English, all are widely understood in the major cities
Government: Jamahiriya (a state of the masses) in theory, governed by the populace through local councils; in practice, an authoritarian state
Capital city: Tripoli
Legal system: based on Italian and French civil law systems and Islamic law; separate religious courts; no constitutional provision for judicial review of legislative acts; has not accepted compulsory ICJ jurisdiction
Currency: Libyan dinar (LYD)
Licensing:

Country profile

Libya relies on oil and natural gas to satisfy energy consumption demand. Economic growth in Libya is dependent on the hydrocarbon industry. According to the World Bank, the country’s hydrocarbon exports account for over 95 percent of total merchandize exports and revenues from the oil and natural gas sectors amount to over half of the country’s gross domestic product (GDP).

Since the United Nations and the United States lifted sanctions over Libya in 2003 and 2004, respectively, oil majors have stepped up exploration efforts for oil and natural gas in the country. Likewise, companies have tried using enhanced oil recovery (EOR) techniques to increase production at maturing fields. Over the next six years, Libya would like to see oil production capacity increase by 40 percent from 1.8 million barrels per day (bbl/d) to 3 million bbl/d by 2013.

The Italians supplanted the Ottoman Turks in the area around Tripoli in 1911 and did not relinquish their hold until 1943 when defeated in World War II. Libya then passed to UN administration and achieved independence in 1951. Following a 1969 military coup, Col. Muammar Abu Minyar al-QADHAFI began to espouse his own political system, the Third Universal Theory. The system is a combination of socialism and Islam derived in part from tribal practices and is supposed to be implemented by the Libyan people themselves in a unique form of "direct democracy."

QADHAFI has always seen himself as a revolutionary and visionary leader. He used oil funds during the 1970s and 1980s to promote his ideology outside Libya, supporting subversives and terrorists abroad to hasten the end of Marxism and capitalism. In addition, beginning in 1973, he engaged in military operations in northern Chad's Aozou Strip - to gain access to minerals and to use as a base of influence in Chadian politics - but was forced to retreat in 1987.

UN sanctions in 1992 isolated QADHAFI politically following the downing of Pan AM Flight 103 over Lockerbie, Scotland. During the 1990s, QADHAFI began to rebuild his relationships with Europe. UN sanctions were suspended in April 1999 and finally lifted in September 2003 after Libya accepted responsibility for the Lockerbie bombing. In December 2003, Libya announced that it had agreed to reveal and end its programs to develop weapons of mass destruction and to renounce terrorism. QADHAFI has made significant strides in normalizing relations with Western nations since then. He has received various Western European leaders as well as many working-level and commercial delegations, and made his first trip to Western Europe in 15 years when he travelled to Brussels in April 2004. Libya has responded in good faith to legal cases brought against it in US courts for terrorist acts that predate its renunciation of violence. Claims for compensation in the Lockerbie bombing, LaBelle disco bombing, and UTA 772 bombing cases are ongoing. The US rescinded Libya's designation as a state sponsor of terrorism in June 2006. In late 2007, Libya was elected by the General Assembly to a nonpermanent seat on the United Nations Security Council for the 2008-09 term..

Energy production and consumption


Oil Gas
Production: 1 million bbl/day (2006 est.) 10 billion cu m (2005 est.)
Consumption: 266,000  bbl/day (2006 est.) 5 billion cu m (2005 est.)
Exports: 1 million bbl/day (2006 est.) 5 billion cu m (2005 est.)
Imports: 1,233 million bbl/day (2006 est.)  
Reserves: 45 billion bbl (2007 est.) 1 trillion cu m (1 January 2006 est.)
Major fields:



Libya - recent news

10 Mar 21
Libya: Saipem awarded a consulting services contract for Benghazi Oil Technical Center project
Saipem has been awarded a Consultancy Service Contract by Libya National Oil Corporation (NOC) for the development of the Benghazi Oil Technical Center (BOTC).
09 Nov 20
Libya exceeds one million barrels a day oil production
Libya's National Oil Corporation (NOC) has announced that it has managed to raise production rates of crude oil to 1,036,035 barrels a day.
01 Nov 20
Libya: Wintershall Dea transfers operatorship of Sirte Basin oil fields to new joint operating company
Wintershall Dea affiliate WIAG has transferred operatorship of Sirte Basin fields - Contract Areas 91 (former Concession 96) and 107 (former Concession 97) - to Sarir Oil Operations - a new joint venture with NOC.
07 Jun 20
Libya: NOC confirms restart of production at Sharara oil field
Libya's National Oil Corporation has confirmed the return of production at the Sharara oil field south of the country, after lengthy negotiations by the NOC to reopen the Hamada valve, which had been illegally closed last January, resulting in the shutdown of production.
17 Dec 19
Libya: Wintershall Dea signs EPSA agreements with Libya’s NOC
Wintershall Aktiengesellschaft (WIAG) and Libya’s National Oil Corporation (NOC) have signed two Exploration and Production Sharing Agreements (EPSAs) for Areas 91 (former Concession 96) and 107 (former Concession 97) in the onshore Sirte Basin.

Libya - more news

Other countries in this region




A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 364

Completed Deals

Completed Upstream Deals: 6093

Company Profiles

Current Company Profiles: 2774

Corporate Activity

Current Corporate Activity articles: 3666

Companies Looking

Current number of articles: 447

Company Sales

Current Company Sales articles:1477

Geostudies

Current Geostudies articles: 794

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

KL Publishing
OPC
Union Jack Oil 149
Rose & Assocs 149
SLR Consulting logo
Bayphase
Government of South Australia
energy365
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com