The economy of Libya is highly dependent on oil revenues. Revenues from the oil and natural gas sectors amount to over half of the country’s gross domestic product (GDP). Libya holds the largest proven oil reserves in Africa, followed by Nigeria and Algeria. About 80 percent of Libya’s proven oil reserves are located in the Sirte basin, and accounts for 90 percent of the country’s oil output. Libya has vast natural gas reserves and is intending to increase its natural gas exports.

In 2009, crude oil was the largest source of energy generation in Libya (51.6%), followed by natural gas (48.4%).


(from GlobalData)