Libya

Via The Oil Drum, an excellent analysis of Libya’s oil production and consumption patterns, plus some projections going forward. As the article notes:

“…The country’s oil production has steadily increased since sanctions where lifted, now approaching 1.9 Mb/d. In the first part of September 2008, Libya received an official visit from US secretary of state Condoleezza Rice, a moment that seems to have sealed the country’s full reintegration with the international community.

…Libya is now a mature oil-producing region with most of its oil fields discoveries occurring during the 1960s. Slowly, discoveries have become smaller, with little oil being found after 1990.

…In light of the information gathered here, an alternative projection is proposed, trying to both reflect the country’s policy and the favourable developments in latter years regarding foreign relations. The 55 Gb ultimate is adopted, meaning that Libya is passing its mid point of depletion in 2008. Production is allowed to rise slowly towards a peak of around 2.2 Mb/d a decade from now after which a gentle decline sets in (with cumulative production reaching 35 Gb by then). To describe this profile a logistic curve is used (if for nothing else, for historical reasons). The model proposed shows Libya continuing to produce over 1.6 Mb/d in 2030…”



This entry was posted on Thursday, September 18th, 2008 at 12:15 pm and is filed under Libya, Libya National Oil Company (NOC).  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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