Oil reserves in Libya
Oil reserves in Libya are the largest in Africa and among the ten largest globally with 46.4 billion barrels (7.38×109 m3) as of 2010. Oil production was 1.65 million barrels per day (262×103 m3/d) as of 2010, giving Libya 77 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's challenge is maintaining production at mature fields, while finding and developing new oil fields. Most of Libya remains under-explored as a result of past sanctions and disagreements with foreign oil companies.
The majority (85%) of Libyan oil is exported to European markets. 11% or 403 million barrels (64.1×106 m3) of oil imports to the European union in 2010 came from Libya, making it the third biggest importer behind Norway and Russia.
Cumulative production through 2009 was 27 Gbbl. Given the stated number, this would be 65% of reserves.
The drilling of oil wells in Libya was first authorised by the Petroleum Law of 1955. The National Oil Corporation is the largest oil company of Libya .
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