Libya’s ambitious goals and the E&P opportunities on offer

Abstract

As we approach the EAGE’s Third North Africa/Mediterranean Petroleum and Geoscience Conference & Exhibition to be held in Tripoli, Libya on 26-28 February 2007, Dimitri Massaras, Africa regional manager, IHS Energy writes about Libya and its ambitious goals for the short and medium term. Libya has emerged after nearly 20 years of trade sanctions as one of the most attractive countries in which to invest exploration funds. As a result, the country has attracted high-levels of interest from around the world as evidenced by the fierce competition for acreage in the most recent bid rounds. Petroleum exploration, production, refining, and marketing of oil and natural gas, as well as LNG production and marketing, are the strongest elements in the Libyan economy and account for about 95% of Libya’s foreign currency earnings and about 70% of government revenues. The upstream and downstream petroleum industry is the key to the national economy of the country and, in 2006, accounted for over $30 billion from exports of crude oil, natural gas, and refined petroleum products.