facebook
twitter
rss
account
search
search
 

Report: Libya on the road to oil failure

Jan. 18, 2013 at 8:46 AM   |   Comments

WASHINGTON, Jan. 18 (UPI) -- An editorial from Bloomberg News states that Libya may eventually fail as a petro-state unless it does more to address ongoing security and political woes.

The Libyan oil sector has rebounded since last year's civil war. The country is producing around 1.6 million barrels per day, its pre-war level.

The editors at Bloomberg News write that the success story for Libya makes for "short reading."

"Thanks to oil, the country has money, and plenty of it," they write.

Last month, Eni Chief Executive Officer Paolo Scaroni presented the new Libyan government with an investment plan worth $8 billion for the development of ongoing production and new exploration activities over the next 10 years.

NATO forces responded to the Libyan civil war in 2011 with airstrikes, which paved the way to regime change in the country. Internal divisions, national protests and terrorist activity that culminated with the September death of the U.S. ambassador to Libya, however, has complicated national development.

Bloomberg's editors note that "real progress is impossible" unless the country tackles institutional and security challenges.

"A failed petro-state in Libya remains a possible outcome of the revolution that began two years ago this week," they state.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
MDA demos tracking, targeting capability of Aegis MDA demos tracking, targeting capability of Aegis
3
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
4
CNN absent from the Dish Network lineup CNN absent from the Dish Network lineup
5
Statoil makes oil find in North Sea Statoil makes oil find in North Sea
Trending News
Around the Web
x
Feedback