Tuesday, February 22, 2011

IEA Facts in Brief: Libya

IEA website, Feb 21, 2011
A look at the supply of oil and gas from the North African nation.

Libya is a net exporter of oil, having sent abroad some 1.49 million barrels per day (mb/d) in January 2011. Europe receives more than 85 percent of Libya’s crude exports, while about 13 percent heads east of Suez. Libya also produces some 15 bcm/y of gas, a third of which is domestically consumed. Roughly 45% of domestic electricity is generated by natural gas. In 2010, Libya exported 1.2 mb/d of crude oil to IEA countries, of which 376,000 b/d or more than 30% went to Italy. France, Germany and Spain are also significant buyers.

Click here to see the Facts on Libya: oil and gas

(Libya's proven oil reserves of 46.4 billion barrels, the biggest in Africa, are the ninth largest in the world, as of Jan 1, 2011---please see my post "World's Top 22 Oil Reserves Holders, Jan 1, 2011," here. However, with its proven natural gas reserves of 54.68 trillion cubic feet (tcf), Libya ranks only 22nd---using OGJ data---among the world's largest proven gas reserves holders, as of Jan 1, 2011---please see my post "World's Top 22 Natural Gas Proven Reserve Holders, Jan 1, 2011," here. For information on Libya's oil and gas, please see also Economist Intelligence Unit---EIU---"Libya Economy: Oil Trouble," Feb 22, 2011, here. -- D.R.)

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