Oil reservesOil reserves are the estimated quantities of crude oil that are claimed to be recoverable under existing economic and operating conditions.The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place...
in LibyaLibya , officially the Great Socialist People's Libyan Arab Jamahiriya , is a country located in North Africa...
are the largest in Africa and the ninth largest in the world with as of 2007. Oil production was as of 2006, giving Libya 63 years of reserves at current production rates if no new reserves were to be found. Libya is considered a highly attractive oil area due to its low cost of oil production (as low as $1
per barrel at some fields), and proximity to European markets. Libya would like to increase production from in 2006 to by 2010–13 but with existing oil fields undergoing a 7–8% decline rate, Libya's challenge is maintaining production at mature fields, while finding and developing new oil fields.
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Oil reservesOil reserves are the estimated quantities of crude oil that are claimed to be recoverable under existing economic and operating conditions.The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place...
in LibyaLibya , officially the Great Socialist People's Libyan Arab Jamahiriya , is a country located in North Africa...
are the largest in Africa and the ninth largest in the world with as of 2007. Oil production was as of 2006, giving Libya 63 years of reserves at current production rates if no new reserves were to be found. Libya is considered a highly attractive oil area due to its low cost of oil production (as low as $1
per barrel at some fields), and proximity to European markets. Libya would like to increase production from in 2006 to by 2010–13 but with existing oil fields undergoing a 7–8% decline rate, Libya's challenge is maintaining production at mature fields, while finding and developing new oil fields. Most of Libya remains unexplored as a result of past sanctions and disagreements with foreign oil companies.