Distribution of Mineral Resources in Libya

Mineral resources are mainly composed of petroleum, with a remaining proven reserves of 4.93 billion tons at the end of 2003. Next is natural gas, with a confirmed reserve of 1313.1 billion cubic meters in January 2002, ranking fourth in Africa. Other minerals include: limestone reserves of 18.4 million tons, kaolin reserves of 20.4 million tons, as well as iron ore, potassium, manganese, phosphate, copper, tin, sulfur iodine, aluminum ore, etc. The main activities of the Libyan mining industry are still concentrated in the exploration and development of oil and natural gas. Oil revenue is the main pillar of the Libyan economy, accounting for approximately one-third of the gross domestic product and 95% of export revenue. Oil revenue has made Libya one of the countries with higher per capita gross domestic product in Africa. The Libyan oil block is divided into 140 oil exploration and development blocks. In 2003, the Libyan National Oil Company signed exploration and development agreements for 18 new blocks with investment groups composed of national oil companies such as Germany, Spain, Austria, Australia, and Greece, attracting hundreds of millions of dollars in foreign venture capital. In addition, a number of oil cooperation projects are still under negotiation, and 39 blocks will be launched for exploration and development in the near future.