Under the dictatorship of Colonel Ghaddafi, Libya’s oil industry experienced highs and lows as relations between Libya and the West regularly shifted. Libya’s oil output rose from 1.47 million bpd in 2000 to nearly 1.8 million bpd in 2010, a trend that was expected to continue. While Oun acknowledged the significant challenges facing the country’s oil industry, he is optimistic about its potential. But Libya will need substantially higher levels of foreign investment to get its oil industry back on track. Libya is highly optimistic about the future of its oil industry, with huge potential to explore untapped reserves and increase output.
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