The US Geological Survey (USGS) has made a groundbreaking discovery – two massive oil and gas basins that span between Tunisia and Libya. This discovery is expected to double Libya’s oil and gas reserves while also potentially making Tunisia a significant energy producer in North Africa.
Discovery Details
The USGS report states that one of the large deposits runs along the eastern coast of Tunisia, with a smaller portion located onshore, and the rest embedded off the coast. It stretches from the shores of the city of Bizerte and the Gulf of Tunis to the city of Misrata. The second field is located off the coast of Sirte in Libya’s Gulf of Sidra.
Oil and Gas Reserves
According to the USGS, the two African countries’ findings contain a total of 4 trillion barrels of oil and 385 billion cubic feet of natural gas, equivalent to 1.47 trillion barrels of liquefied natural gas. Libya holds 3% of the world’s proven oil reserves and 39% of Africa’s proven reserves, making it the seventh-largest OPEC crude oil producer and the third-largest in Africa after Nigeria and Algeria. Meanwhile, the EIA estimates Tunisia’s formations hold 23 trillion cubic feet of proven shale gas reserves and 1.5 billion barrels of technically recoverable shale oil resources.
Impact of the Discovery
Libya’s oil and gas reserves could double as a result of this discovery, while Tunisia could become a significant energy producer in North Africa. This could lead to economic growth and job creation in both countries, and also increase their political and strategic importance in the region. Moreover, this discovery could have a positive impact on global oil and gas prices, as it increases the world’s total reserves and ensures a stable supply of energy.
Overall, the USGS’s discovery of two significant oil and gas basins in Tunisia and Libya is a game-changer that will have significant positive impacts on the two countries’ economies, politics, and energy supply.
