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Libya

Flag of LibyaReferences for Libya

Oil reserves in Libya are the largest in Africa and the Fifth largest in the world with 76.4 billion barrels as of 2010.

Libya is considered a highly attractive oil area due to its low cost of oil production, and proximity to European markets. Most of Libya remains unexplored as a result of past sanctions and disagreements with foreign oil companies.

The drilling of oil wells in Libya was first authorised by the Petroleum Law of 1955.The National Oil Corporation is the largest oil company of Libya.

 

Libyan MATIC references

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