24 oil discoveries in Libya

Published January 9th, 2011 - 09:12 GMT

Libya announced that the oil companies made over the past year 24 new oil discoveries. Shukri Ghanem, head of the National Libyan Oil Corporation was quoted as saying that Libya obtained more than $ 18 billion in return for granting licenses to dozens of global companies to explore for oil in the Libyan territory.

He pointed out that the proceeds came through four rounds of involving 43 oil companies, which gained concessions to search for oil. Ghanem added that the current situation of the global oil market does not justify offering a new round of tenders.

Libyais the third largest producer of oil in Africa and is also a member of the Organization of Petroleum Exporting Countries "OPEC". It produces 2 million barrels a day while its estimated reserves amount to 42 billion barrels.

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