Transparency Snapshot

The Libyan civil war that erupted in early 2011 and the upheavals of Arab Spring in the surrounding region have been called a "searing reminder" of what happens when citizens are unable to share in their nation’s economic growth. The changes in Libya and the rise of the National Transitional Council (NTC) provide an enormous opportunity to improve the management of natural resource revenues for the greater good of the Libyan people.

Historically Libya has been heavily reliant on its hydrocarbon sector, partially due to the sanctions imposed by the United States prior to the 2004 embargo era. Between 2005-2008, hydrocarbon revenues accounted for approximately 90% of government revenues. In 2009, the government announced plans to diversify its oil economy in an effort to make Libya more appealing to foreign investment, but progress on that front was limited.
Read more ...

Extractive Industries

Libya is rich in oil and gas resources, and until recently was responsible for 2% of global crude output. It is the most oil-rich country in Africa and holds the world’s 9th largest oil reserve, accounting for 3.38% or 47 bn bbl of the proven global total. It ranks 23rd in proven natural gas reserves, with 0.81% of the global total, or 1.539 trillion cu meters. Despite these considerable positions in both oil and gas, Libya is considered by oil and gas experts to be largely "unexplored."
Read more ...