Libya received almost 40 bln usd in oil revenues in 2007, slightly above the 2006 total, thanks to the rise in oil prices in 2006 and 2007, said Chokri Ghanem, president of the Libyan National Oil Co (NOC).

Ghanem said 30 pct of the revenues is allocated to the costs of the state’s running of the company, while the remaining 70 pct goes towards financing development projects.

Libya is Africa’s second-largest oil producing country, with 1.8 mln barrels per day, and has oil reserves estimated at 43 bln barrels, Ghanem said.

Libya expects to double its production to attain about 3 mln bpd by 2010.

(Rigzone)