Update on Oil and Gas Reserves

Libya's Minister of Oil, Dr. Naji El-Maghrebi, has said the country's oil and natural gas reserves are at about 77 billion barrels and 177 trillion cubic feet respectively.

In an interview with KUNA, he said current production was at 350,000 to 380,000 barrels per day, adding that Libya was keen on increasing production to one million bpd by 2020.

The Minister added that 97 percent of Libya's income came from oil revenues.

(Source: KUNA)

(Oil image via Shutterstock)

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