OPENING OF LIBYA’S OIL SECTOR A BOON FOR ENERGY COMPANIES SEEKING NEW CRUDE SOURCES
January 1st, 2008
BY PAUL COCHRANE, in Tripoli and Beirut
THE OPENING up of Libya's economy could not have come at a better time for international oil companies, which have been beset in recent years by dwindling easily accessible oil reserves, tighter controls over exploration rights and extraction, and heightened security concerns.
Libya has proven oil reserves of 41.5 billion barrels, the ninth largest reserves worldwide, which could be trebled if modern extraction techniques were used and exploration expanded from the current 30% of Libyan territory.
Up until 1974, when the ...
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