The Report by BBC Radio 4 about Libya (Part 2)

I was a guest at the BBC Radio 4 on a programme called The Report which was broadcasted last night (Thursday 10th Sep 2009) at 8pm, the programme was presented by James Silver who examined the potential effect of the decision to release Abdelbaset Al-Megrahi on trade relations between Libya and the West.

Well, I have to say the programme made Libya look like an evil state which I did not think was encouraging.

Having said that Libya is a major producer of high quality, sweet crude oil with low sulphur that makes it easier to refine.

Libya has the largest proven oil reserves in Africa, set at 41.5 billion barrels and natural gas reserves were estimated at 54.5 trillion cubic feet. Libyas hydrocarbon reserves potential could be substantially higher, as only 25% of the country is covered by exploration agreements. Libya currently produces 1.7 million barrels of oil a day and is aiming to increase production to 3 million barrels a day by the end of 2015. To achieve this aim, foreign investments are needed.

Libya is as well Europes single biggest oil supplier and has become one of the most vocal members of OPEC.

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