The toppling of Gaddafi and prospects of foreign energy companies in Libya

... commercial profitability. Subprime cost of oil and gas production as well as the proximity to the European Union, the largest market of supply, rouse interest of the world energy companies to Libya. According to Gazprom, Libya takes the first place in Africa and the fifth among OPEC member-states in terms of proven reserves of light low-sulphur oil (5,1 bln. t). ( http://gazprom.ru/production/projects/deposits/libya ). Under Muammar Gaddafi there were created in Libya very much peculiar conditions for foreign oil-producing companies. Despite its dependence on foreign partners, Libyan leadership over the period of several years imposed on them tight fiscal requirements, resorted to ...