LIBYA

(in North Africa)

CAPITAL: TRIPOLI

POPULATION: 6 mm

AREA (on): 1,759,400 km2

OIL PEAK: 1970

SUPPLY

Libya is a member of OPEC. Production collapsed after 1970 and then was restricted during the 1980s and 90s until the country ran out of spare capacity. Sanctions led to under investment but the country is now free to develop its oil and gas as fast as it can with foreign investment.

Oil output has increased since 2002, both from onshore and offshore fields, but modest restrictions at the end of 2008 and in 2009 will lead to a dip in onshore output. Renewed growth in 2010 is unkely to be sustained except through addiitons of offshore condensates and NGLs. Output should plateau for some years with decline in old fields roughly balancing new developments.

There is considerable room for growth in Libyan gas production. LNG is exported to Spain and the new Western Libyan Gas Project pipes both on and offshore gas to Italy.

 

DEMAND

Removal of sanctions accompanied by growth in the Libyan economy led to increasing oil and gas consumption. After a slight slowing in oil consumption growth from 2006 to 2009 demand is expected to pick up again.

Oil exports increased from 2002 to 2007 and will continue to increase from 2010 after a dip related to modest restrictions in output in adherence to OPEC quotas. Exports will be flat from around 2013.

Gas exports, primarily to Spain and Italy are set to grow consistently as new projects are fully developed.

 

 
 

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

 

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.

 

Spot any errors? - please CONTACT US with comments.     About Us | Terms/Conditions | Disclaimer | Caveats/Definitions | Advertise

 Copyright 2010 Energyfiles Ltd. All rights reserved