TRIPOLI, Libya — The biggest challenge facing Libya’s transitional government may also be its greatest blessing: what to do with all the oil. Libya is awash in black gold.
With about 46 billion barrels of proven oil reserves — and much of the country still unexplored — Libya ranks as the world’s 18th largest oil producer, and the largest on the African continent.
That was before the revolution that ousted leader Muammar al-Gaddafi. Production amid the conflict has since slowed.
But as the pumps crank back to life and international companies return, the government must balance its need to get the oil back in the pipelines — and manage the expectations of a people who have waited decades to see its benefits.
