| Historical Background - Friday 09th of May 2008 - 11:13:00 pm (Tripoli Libya) |
In Libya, Oil was discovered in mid 1959. Only foreign companies, which numbered 42, were exercising exploratory and drilling activities under concession contracts covering an area of 600,000km2.
Actual production stated in September 1961, and by the end of 1969, Libya's
Production amounted to 15.4% of OPEC's total and 7.5% of the worlds total.
With the occasion of the Great first of septem- ber Revolution, revolutionary measures were enacted to halt this depletion.
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