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Oil is Libya's major resource. In November 2005, Repsol YPF discovered a significant oil deposit of light, sweet crude in the Murzuq Basin. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and Norsk Hydro.
Mining resources are located in remote regions with limited accessibility. The fuel sector, including oil reserves (which have a capacity of 29.5 billion barrels) and natural gas (which has 1.31 trillion cubic meters of reserve) is the major revenue-generating industry. [1] [2] Africa's largest proven oil reserves are in Libya.
Libya is not a WTO member, but negotiations for its accession started in 2004. [227] In the early 1980s, Libya was one of the wealthiest countries in the world; its GDP per capita was higher than some developed countries. [228] Oil is the major natural resource of Libya, with estimated reserves of 43.6 billion barrels. [229]
In 2007, Libya was the world's 10th largest oil exporter, with 73 Mt in oil exports. [6] As of 2009, Europe's share of Libya's oil exports was 78%. [7] Domestically, the primary energy use in Libya was 237 TWh and 37 TWh per million persons. [8] [clarification needed] The National Oil Corporation is the state oil company of Libya.
Oil reserves in Libya are the largest in Africa, and among the ten largest oil reserves globally [1] with 46.4 billion barrels (7.38 × 10 ^ 9 m 3) of proven oil reserves as of 2010. Oil production was 1.65 million barrels per day (262 × 10 ^ 3 m 3 /d) as of 2010, giving Libya 77 years of reserves at current production rates if no new reserves ...
The government dominates Libya's economy through control of oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP, which was US$50.2 billion in 2006.
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Desert landscape in Libya; 90% of the country is desert. Although agriculture is the second-largest sector in the economy, Libya depends on imports in most foods. Climatic conditions and poor soils limit farm output, and domestic food production meets about 25% of demand.