Editing Economy of Libya (section)

===Field Development and Exploration===
{{further|Oil reserves in Libya}}
[[File:Libya location map-oil & gas 2011-en.svg|thumb|350px|Oil is Libya's major resource.]]
In November 2005, [[Repsol YPF]] discovered a significant oil deposit of light, sweet crude in the [[Murzuq Basin]]. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and [[Norsk Hydro]]. Also located in Murzuq Basin is Eni's [[Elephant field]]. In October 1997, a consortium led by British company [[Lasmo]], along with Eni and a group of five South Korean companies, announced that it had discovered large recoverable crude reserves about {{convert|800|km|mi}} south of Tripoli.<ref>{{cite web |url=http://www.libya-businessnews.com/2013/10/22/omvs-1st-oil-find-in-libya-since-revolution/ |title=OMV's 1st Oil Find in Libya since Revolution |author=<!--Staff writer(s); no by-line.--> |date=22 October 2013 |website=libya-businessnews.com/ |publisher=Libya Business News. |access-date=4 September 2015 |archive-date=8 December 2013 |archive-url=https://web.archive.org/web/20131208082851/http://www.libya-businessnews.com/2013/10/22/omvs-1st-oil-find-in-libya-since-revolution/ |url-status=live }}</ref> Lasmo estimated field production would cost around $1 per barrel. Elephant began production in February 2004.

WOC's Waha fields currently produce around {{convert|350000|oilbbl/d|m3/d|abbr=on}}. In 2005, ConocoPhillips and co-venturers reached an agreement with NOC to return to its operations in Libya and extend the Waha concession 25 years. ConocoPhillips operates the Waha fields with a 16.33% share in the project. NOC has the largest share of the Waha concession, and additional partners include Marathon and [[Amerada Hess]].<ref>EIA 2007 p.3</ref>