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Libya: Oil
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The el-Bouri oilfield off Libya's western coast is the largest producing oilfield, at around 60,000 bbl/d, in the Mediterranean Sea. Italy's Eni is the developer of the field, discovered in 1976 at a depth of 8,700 feet and estimated to contain 2 billion barrels in proven recoverable crude oil reserves. The first phase of field development, costing $2 billion, was completed in 1990, with el-Bouri producing about 150,000 bbl/d in 1995, followed by a sharp decline thereafter. This decline was due largely to an inability to import EOR equipment under UN sanctions, and possibly could be reversed with an infusion of investment. Besides oil, el-Bouri ... contains large volumes of associated natural gas.
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Libya had total proven oil reserves of 39 billion barrels at the end of 2005. About 80 percent of Libya’s proven oil reserves are located in the Sirte basin, which is responsible for 90 percent of the country’s oil output. However, Libya remains "highly unexplored" according to
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Libya has accepted responsibility for the 1988 Lockerbie bombing, a condition set by Washington for lifting UN and US sanctions. Simultaneously, Libyan officials have said they would give priority to negotiations with the four US oil companies.
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Sunday, 9 November, 2003: Libya is expected to ask fellow Organization of Petroleum Exporting members formally at their Dec. 4 meeting for a larger share of the group's output allowance. A source close to Libyan oil policy told Dow Jones Newswires Friday Oil Minister Abdulhafid Zlitni has been given the go-ahead to request a larger oil quota. Earlier this week Prime Minister Shokri Ghanem called on OPEC to revisit its oil quota distribution system. He described Libya's current OPEC quota of 1.36 million barrels a day as, "much below what we should get." [Dow Jones]
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Libya’s oil export revenues have increased sharply in recent years, to $28.3 billion in 2005 and a forecast $31.2 billion in 2006, up from only $5.9 billion in 1998. The rebound in oil prices since 1999, along with the lifting of U.S. and U.N. sanctions, has resulted in an improvement in Libya's foreign reserves ($31 billion as of June 2005), trade balance (a $17 billion surplus in 2005) and overall economic situation (strong growth; see below). On the other hand, higher oil earnings may ... be removing incentives for Libya to restrain spending and to implement needed economic reforms.
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Thursday, 19 April, 2007: National Oil Corporation of Libya (NOC) and The Dow Chemical Company have announced plans to participate in a joint venture to operate and expand the Ras Lanuf petrochemical complex in Libya. The investment supports the Libyan government's economic policy in diversifying its domestic economy by expanding its downstream industries; including petrochemical and basic product manufacturing. Enhancements at the Ras Lanuf petrochemical complex on the Mediterranean coast will position the joint venture for future growth as a world-class supplier of polyethylene and polypropylene. [PRNewswire]
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