Libya’s Oil Reserves and Revenue<\/h2>\n\n\n\n
Libya has the largest oil reserves in Africa and is a major player in the global oil market<\/strong>. The country’s proven oil reserves are estimated at 48 billion barrels, while its proven gas reserves are estimated at 1.6 trillion cubic feet. In 2019, Libya produced an average of 1.28 million barrels of oil per day.<\/p>\n\n\n\n In recent years, Libya’s oil production has been impacted by political instability and conflict. However, with a return to peace and stability, the country’s oil sector is now beginning to rebound. Bengdara’s comments suggest that Libya is open for business and is keen to attract foreign investment in its energy sector.<\/p>\n\n\n\n The news that Libya has concluded an agreement with Eni and BP to start drilling Libyan Waters and producing gas is a positive sign for the country’s economy<\/strong>. With a proven reserve of 80 trillion cubic feet of natural gas, Libya has the potential to become the major player in the Mediterranean energy market<\/strong>. Foreign investment in Libya’s energy sector will be crucial in order for the country to achieve its full potential.<\/p>\n\n\n\n The Euro-Libyan Trade Center is a key player in the development of the Libyan oil sector<\/strong> and has been instrumental in helping companies establish themselves in Libya and providing support for their growth.<\/p>\n\n\n\n The Trade Center is committed to continue supporting the development of the oil sector and remains dedicated to helping companies expand their operations in Libya. In addition to its work with the oil sector, the Trade Center is also involved in promoting trade and investment between Libya and Europe \u2013 whilst working closely with both governments and businesses to create opportunities for cooperation and mutual benefit.<\/p>\n\n\n\n![\"\"](\"https:\/\/euroly.org\/wp-content\/uploads\/2022\/11\/libya-oil-exploration.jpg\")
<\/figure>\n\n\n\nThe ELTC: Instrumental Player to Libya\u2019s Future<\/h2>\n\n\n\n