Libya's oil fields are big enough to influence global supply producing 2.3 % of world output. Libya's Sirte Basin holds Africa's largest oilreserves and supplies 1.4m bpd in exports, mostly to Italy, Germany and Spain. Italy's ENI has most to lose from its pipeline to Libya. The Sirte Basin ranks 13th among the world’s petroleum provinces, having proven oil reserves estimated at 43.1 billion barrels of oil equivalent, an amount that constitutes 1.7% of the world’s known oil reserves.
History: The first reported petroleum occurrence in the Sirte Basin was observed in a coastal water well drilled by Italian colonists during the Italian-occupation. Italy ruled Libya from 1911 to 1943. Competitive bidding for concessions was subsequently permitted by two mineral laws passed in 1953 and 1955, and exploration by Esso, Mobil, Texas Gulf, and others commenced with seismic, magnetic, and gravity data being collected.
From 1956 to 1961 giant oil fields were discovered. Libya started exporting oil in 1961 and by 1966 it was the 7th largest oil-producing nation in the world. During 1969, output from the Sirte Basin had even exceeded production from Saudi Arabia.
Libya nationalized its oil industry in 1973, and some American oil companies began withdrawing in 1982, following a 1981 US trade embargo. By 1986, the US government ordered remaining US companies to cease activities in Libya. In 1992, the United Nations sanctioned Libya in response to the 1988 bombing of Pan Am Flight 103.
Additional sanctions applied by the US Sanctions Act of 1996 were relaxed in 1999. Since then, American and other foreign oil companies have returned to resume their operations in Libya, led by AGIP (Italy), OMV(Austria), Veba (Germany), Total (France), Nimir (Saudi Arabia), WOC (National Oil Corporation, Conoco, Marathon, Amerada Hess), and ETAP of Tunisia.
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