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Unseemly Scrabble for Libya’s Post-Gaddafi Oil Assets Underway

Written by John Daly
Friday, 02 September 2011 12:45

While NATO members, led by France, piously proclaimed at the onset of their military offensive in Libya that their concerns were solely humanitarian, a covert tussle to gain a commanding lead in developing the country’s energy riches in light of Colonel Gaddafi’s departure is well underway.

The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95 percent of export earnings, 25 percent of GDP, and 80 percent of government revenue.

Prior to the outbreak of conflict, Libya was exporting about 1.3-1.4 million barrels per day from production estimated at roughly 1.79 million barrels per day, of which approximately 280,000 barrels per day were indigenously consumed. But analysts believe that with reconstruction Libya could soon be exporting 1.6 million barrels per day of high-quality, light crude.

But current production is the proverbial mere drop in the bucket. Libya has the largest proven oil reserves in Africa with 42 billion barrels of oil and over 1.3 trillion cubic meters of natural gas. Causing oil company executives from Houston to Beijing to drool on their Gucci loafers, only 25 percent of Libya’s territory has been explored to date for hydrocarbons.

Libya is already Europe’s single largest oil supplier, the second largest oil producer in Africa and the continent’s fourth largest natural gas supplier and already dominates the Southern Mediterranean’s petroleum sector. According to the Libyan National Oil Corporation (NOC), more than 50 international oil companies are already present in the Libyan market.

So, peering into Libya’s future, who’s actually ahead?

France, apparently.

On 3 April a letter was allegedly sent by Libya's National Transitional Council (NTC) to a coalition partner, Qatari Emir Sheikh Hamad bin Khalifa Al Thani, which mentioned that France would take "35 percent of crude oil...in exchange for its total and permanent support" of the NTC. France’s Liberation daily reported on Thursday that it had a copy of the letter, which stated that the NTC’s Information Minister Mahmoud Shammam, would negotiate the deal with France. In 2010 France was the second purchaser of Libyan oil after Italy, with over 15 percent of its “black gold” imported from Tripoli.

Zut alors!

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