Libya’s oil and gas: Opportunities and risks

Major Importers of Libya’s oil (as a % of the country’s total oil imports, 2010) - Source: IEA, 2011
Major Importers of Libya’s oil (as a % of the country’s total oil imports, 2010) - Source: IEA, 2011

Libya’s oil and gas sector will play a central part in restoring the country’s economy after the revolution in 2011 that toppled Muammar Gaddafi's 42-year dictatorship. They are key to Libya’s transition to a democracy, if managed properly. Major oil fields are already coming back on stream boosting world energy supplies and a large part of the country remains unexplored. But, uncertainty faces both new and existing investors. And as Russian American author Isaac Asimov once said: ‘It is the transition that is troublesome.’

LIBYA holds the eighth largest proven oil reserves in the world and the largest in Africa. Although oil activity started in the 1950s, the country remains highly ...

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