Libya: The Political Economy of Oil (Political Economy of Oil-Exporting Countries, 4)

Book Description
Both the performance and the potential of Libyan Oil warranted the need for this research into the energy policies of the current regime; this work surveys the historical and geological determinants of oil development. The impact of the central government and the Libyan National Oil Company on current exploration and development is studied closely, providing insight into why some foreign companies have stayed in Libya and why some others have joined them. The book looks at pricing policies and efforts at furthering downstream integration, as well as the consequences of continued US and UN sanctions.


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In this book Judith Gurney documents the way in which the Libyan oil industry has been run under the monarchy and throughout the rule of the Revolutionary Command Council. Surprisingly, despite the volatile nature of the political system under Qaddafi and the US and UN economic boycotts and sanctions against Libya, the oil industry has continued to be run in a low key, matter of fact manner. Equally surprising is that, unlike most OPEC members, the Libyans have always been involved in joint ventures with foreign companies. This pragmatic approach reflects the dependency of the economy on oil gas production. This survey of the political economy of Libya from desert state to oil-rich state concludes that two factors could have a significant impact on the oil industry: the continuance of sanctions over a long period and unpredictable political changes. The book is essential reading for observers of the international oil industry and everyone interested in development.


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