General Information

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Introduction

Libya is a member of the Organization of the Petroleum Exporting Countries, the holder of Africa’s largest proved crude oil reserves, and the fifth-largest holder of Africa’s proved natural gas reserves.
 more info:
International - U.S. Energy Information Administration (EIA)

 
Geologic information
 
The main producing basins of Libya are in order of importance: Sirt Basin (Mesozoic) , Ghadamis Basin (Palaeozoic) , Murzuq Basin(Palaeozoic ) , and Tripolitania (Subrata) Offshore Basin.

more info:
Libyan Oil Basins - SEPM Strata
 
Petroleum Management
 
Petroleum industry in Libya is controlled by The National Oil Corporation (NOC; Arabic: المؤسسة الوطنية للنفط‎) which is the national oil company of Libya. It dominates Libya's oil industry, along with several smaller subsidiaries, which combined account for around 70% the country's oil output of NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Arabian Gulf Oil Company (Agoco), Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC).
More info: National Oil Corporation - Wikipedia
 
Petroleum production is managed under Exploration and production sharing agreement (EPSA IV). It was introduced in 2005 to attract International Oil companies to invest in Libya. Several discoveries were made under EPSA IV by Verenex/Medco, Hess, Turkish Petroleum and Tatneft. However, that was interrupted due to 2011 Arab uprisings and subsequent events.
 
You can examine simple EPSA Calculation Sheet here