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128-739: The LIA was established in August 2006 to manage Libya's mounting oil revenue surplus and is headquartered in Tripoli. The LIA counts the assets of the Libyan Foreign Investment Company (LAFICO), established in 1982, and Oilinvest , founded in 1988, in its portfolio. The LIA manages the Economic and Social Development Fund (ESDF), established in February 2006, which manages substantial assets in Libya across

256-399: A "well to tank" basis or 10 to 45% more on a "well to wheels" basis, which includes the carbon emitted from combustion of the final product. While the energy used, resources needed, and environmental effects of extracting unconventional sources have traditionally been prohibitively high, major unconventional oil sources being considered for large-scale production are the extra heavy oil in

384-409: A 50% probability of being produced in the future (probable); and discovered reserves that have a 10% possibility of being produced in the future (possible). Reserve estimates based on these are referred to as 1P, proven (at least 90% probability); 2P, proven and probable (at least 50% probability); and 3P, proven, probable and possible (at least 10% probability), respectively. As stated previously, oil

512-780: A Joint Statement welcoming the appointment of the Steering Committee and underlining the GNA to "exercise sole and effective oversight" of the Libyan institutions including the LIA. The value of the LIA was widely quoted as $ 70 billion but the LIA's September 2010 management information report valued its own investment portfolio at $ 64 billion and the Wall Street Journal quoted a value of $ 53 billion in June 2010. In May 2011, The Washington Post detailed

640-698: A Libyan- Qatari joint investment fund for $ 2 billion equally with the Qatar Investment Corporation (QIC). Also, the General People's Congress secretary signed two agreements in Doha in July 2007 to establish a Libyan-Qatari Bank between QIC and the Central Bank of Libya. An agreement was also signed to establish a joint company for real estate development between Al-Diar real estate investment company (Qatar) and

768-447: A continued increase in oil demand, potentially exceeding pre-pandemic levels. In 2024 OPEC suggested that global demand for oil will not decline. Energy demand is distributed amongst four broad sectors: transportation, residential, commercial, and industrial. Oil demand primarily concerns the transportation sector, as 50% of oil use in OECD countries are for road transportation. This is

896-492: A different production profile depending on the type. For tight oil, production begins at its maximum, or near its maximum, and then quickly peaks afterwards permanently. As mentioned previously in the production section, oil production is very concentrated in a few fields, therefore these few fields (out of every field) can dictate where oil production would be headed. If these few fields were to decline, then all oil production would decline. In 2019 when Saudi Aramco went public,

1024-516: A divine duty with no consideration for political efficacy―their aim is transcendental and "holy terror" constitutes an end in itself. Hoffman's concept has since been taken up and developed by a number of other writers, including Walter Laquer, Steven Simon and Daniel Benjamen, and rebranded as the "New Terrorism". Arguably, the first organization to use modern terrorist techniques was the Irish Republican Brotherhood , founded in 1858 as

1152-402: A lower EROI are theoretically more environmentally damaging than those with higher EROIs, due to the larger amount of resources required to extract the oil. For instance, building a gigantic oil rig produces a lot of greenhouse gas emissions, but is a requirement to access "difficult" deep water offshore oil reserves. As a finite resource, naturally every oilfield eventually declines. Generally,

1280-594: A military response and welcomed it as a provocation that would result in more Muslims fight the United States. Some commentators believe that the resulting anger and suspicion directed toward innocent Muslims living in Western countries and the indignities inflicted upon them by security forces and the general public also contributes to radicalization of new recruits. Despite criticism that the Iraqi government had no involvement with

1408-502: A number of sectors to benefit Libya's poor. The LIA mandate based on Law 13 of 2010 to the board of directors is to preserve, protect and grow the sovereign wealth investments. The LIA is overseen by the Libyan Government and is managed within governance processes, accountable to that government. The Board of Trustees of LIA is: Previous Chairmen include Ali M Hassen Mohammed , the LIA's current chairman. The Steering Committee

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1536-554: A particular cause and many of the most deadly operations in recent times, such as the September 11 attacks , the London underground bombing , 2008 Mumbai attacks and the 2002 Bali bombings were planned and carried out by a close clique, composed of close friends, family members and other strong social networks. These groups benefited from the free flow of information and efficient telecommunications to succeed where others had failed. Over

1664-538: A rate of 5% to 12% per year. According to a study of large oilfields (reserves greater than 500 million barrels) published in 2009, the average decline rate of onshore fields was about 5%, and offshore fields were about 9.5%. An annual rate of decline of 5.1% in 800 of the world's largest oil fields was reported by the International Energy Agency in their World Energy Outlook 2008 . In 2013 an informal study of 733 giant oil fields concluded that only 32% of

1792-491: A religious agenda. Before 2000, it was nationalist separatist terrorist organizations such as the IRA and Chechen rebels who were behind the most attacks. The number of incidents from nationalist separatist groups has remained relatively stable in the years since while religious extremism has grown. The prevalence of Islamist groups in Iraq , Afghanistan , Pakistan , Nigeria and Syria is

1920-720: A result of higher prices in the 21st century. In October 2009, the USGS updated the Orinoco tar sands (Venezuela) recoverable "mean value" to 513 billion barrels (8.16 × 10  m ), with a 90% chance of being within the range of 380-652 billion barrels (103.7 × 10 ^  m ), making this area "one of the world's largest recoverable oil accumulations". Moreover, oil extracted from these sources typically contains contaminants such as sulfur and heavy metals that are energy-intensive to extract and can leave tailings , ponds containing hydrocarbon sludge, in some cases. The same applies to much of

2048-518: A result of the proliferation of vehicles powered by internal combustion engines . Transportation is therefore of particular interest to those seeking to mitigate the effects of peak oil. As of 2023, it is forecasted by the IEA that 90% of global oil demand growth will come from the Asia-Pacific region. As of 2022, China and India are the second and third largest oil consumers globally. The United States

2176-624: A result of the wide range of potential definitions, different oil production forecasts may vary based on which classes of liquids they choose to include or exclude. Some common definitions for "conventional" oil and "unconventional" oil are detailed below. Conventional oil is oil that is extracted using "traditional" techniques (i.e., in common use before 2000) techniques. Conventional oil commonly refers to onshore oilfields and shallow offshore oilfields that are "easy" to extract. It has been recognized that conventional oil production has peaked around 2005–2006. What has prevented peak oil from then on

2304-545: A revolutionary Irish nationalist group that carried out attacks in England. The group initiated the Fenian dynamite campaign in 1881, one of the first modern terror campaigns. Instead of earlier forms of terrorism based on political assassination, this campaign used timed explosives with the express aim of sowing fear in the very heart of metropolitan Britain , in order to achieve political gains. Another early terrorist-type group

2432-402: A single, all-encompassing, legally binding, criminal law definition of terrorism. These difficulties arise from the fact that the term "terrorism" is politically and emotionally charged. The international community has instead adopted a series of sectoral conventions that define and criminalize various types of terrorist activities. Counterterrorism analyst Bruce Hoffman has noted that it

2560-412: A strategic tool to influence decision makers. By targeting densely populated public areas such as transportation hubs, airports, shopping centers, tourist attractions, and nightlife venues, terrorists aim to instill widespread insecurity, prompting policy changes through psychological manipulation and undermining confidence in security measures. The terms "terrorist" and "terrorism" originated during

2688-437: A successful high-profile attack. The attacks prompted some criticism from domestic and international observers regarding perceived injustices in U.S. foreign policy that provoked the attacks, but the larger practical effect was that the United States government declared a War on Terror that resulted in substantial military engagements in several Muslim-majority countries. Various commentators have inferred that al-Qaeda expected

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2816-669: A tactic because it can: Attacks on "collaborators" are used to intimidate people from cooperating with the state in order to undermine state control. This strategy was used in Ireland, in Kenya , in Algeria and in Cyprus during their independence struggles. Stated motives for the September 11 attacks included inspiring more fighters to join the cause of repelling the United States from Muslim countries with

2944-470: A universally accepted, legally binding definition. Title 18 of the United States Code defines terrorism as acts that are intended to intimidate or coerce civilians or government. The international community has been slow to formulate a universally agreed, legally binding definition of this crime, and has been unable to conclude a Comprehensive Convention on International Terrorism that incorporates

3072-690: Is US tight oil production, which rapidly increased since the Global Financial Crisis in 2008. Additionally, but to a lesser extent, Canadian oil-sands production has helped increase oil supply since 2008. In the same way, sources of natural gas production are usually divided into "conventional" and "unconventional". Unlike conventional oil, unconventional oil refers to oil that is "difficult" to extract. The number of steps required translates into extremely high production costs. Common unconventional oil sources include: Other less common unconventional oil sources include oil shale (see article). It

3200-505: Is a recession. Recently, in 2020 oil demand sharply fell from 2019 levels due to the COVID-19 pandemic , but recovered swiftly by 2022. In 2020, British Petroleum (BP) claimed that the world had hit peak oil demand, predicting that oil demand would never recover to pre-pandemic levels due to increased proliferation of electric vehicles and stronger action on climate change . As of 2023, new projections from Enverus Intelligence Research and

3328-676: Is called "crude oil" production (which may also be referred to as "crude and condensate" production in US EIA statistics), which is what is actually refined into the common fuels most people know such as gasoline and diesel fuel, in addition to other common fuels. Other oil production statistics may be named "total liquids production," or "petroleum and other liquids" in EIA statistics. This includes crude oil production in addition to other hydrocarbon liquids such as natural-gas liquids (NGLs) . These two production numbers are distinct, and shouldn't be thought of as

3456-523: Is composed of five members, including the chairman. The current Steering Committee Members are: The Steering Committee is chaired by Dr. Ali Mahmoud Hassan Mohamed. The other members are Eng. Abdulazeez Khaled Ali, Mr. Alhadi Najimeddin Kabar, Mr. Khaled Khalifa Hassan Altaher and Mr. Ahmed Abdullah Amar. As of 2010 the LIA was embedded within democratic structures of Libya and its mandate was defined by Law 13 which became statute in 2010. Law No. 13 of 2010 sets out

3584-448: Is concerned with the global supply of oil, due to the importance of oil to the global economy. The central idea revolves around technological advancements such as the development of electric vehicles and potentially biofuels in order to phase out gasoline or diesel powered vehicles. Then, in theory, oil demand would fall over time. In the past 4 decades, oil demand has secularly increased . Generally, oil demand increases unless there

3712-447: Is divided up into different types, therefore those counting up reserves should keep that in mind. Conventional oil reserves are different than unconventional reserves. [World] reserves are confused and in fact inflated. Many of the so-called reserves are in fact resources. They're not delineated, they're not accessible, they're not available for production. Sadad Al Husseini estimated that 300 billion barrels (48 × 10 ^  m ) of

3840-476: Is higher than ever thanks to the Permian Basin . Venezuela has oil sands deposits similar in size to those of Canada, and approximately equal to the world's reserves of conventional oil. Venezuela's Orinoco Belt tar sands are less viscous than Canada's Athabasca oil sands – meaning they can be produced by more conventional means – but they are buried too deep to be extracted by surface mining . Estimates of

3968-469: Is may vary. The geology of a region affects the type of oil underground. The types of hydrocarbons produced from an oilfield may also vary depending on the geology. Crude oil generally comes in various different 'grades,' commonly classified as "light," "medium," 'heavy," and "extra heavy." The exact definitions of these grades vary depending on the region from which the oil came. Grades of oil are also assessed by API gravity . Light oil flows naturally to

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4096-478: Is not keeping pace with production. As of 2010, finding new oil had reportedly become much more difficult and expensive, as oil producers had to search through more remote and inhospitable parts of the planet. Different classes of potential conventional crude oil reserves include crude oil with 90% certainty of being technically able to be produced from reservoirs (through a wellbore using primary, secondary, improved, enhanced, or tertiary methods); all crude with

4224-511: Is not only individual agencies within the same governmental apparatus that cannot agree on a single definition of terrorism; experts and other long-established scholars in the field are equally incapable of reaching a consensus. In 1992, terrorism studies scholar Alex P. Schmid proposed a simple definition to the United Nations Commission on Crime Prevention and Criminal Justice (CCPCJ) as "peacetime equivalents of war crimes", but it

4352-506: Is politically charged and over-simplified. The underlying historical assertions have received less critical attention. According to The Oxford Handbook on the History of Terrorism : Since the publication of Rapoport's article, it has become seemingly pre-requisite for standard works on terrorism to cite the three case studies and to reproduce uncritically its findings. In lieu of empirical research, authors tend to crudely paraphrase Rapoport and

4480-405: Is reviving in new and unusual forms". He is the first to propose that religious doctrines were more important than political rationales for some terrorist groups. Rapoport's work has since become the basis of the model of "New Terrorism" proposed by Bruce Hoffman and developed by other scholars. "New Terrorism" has had an unparalleled impact on policymaking. Critics have pointed out that the model

4608-451: Is still the largest consumer of oil globally (as of 2022). Generally, when countries economically develop , they use more energy, which includes using more oil. In recent years, China surpassed the United States as the world's largest crude oil importer in 2015. This was a result of China developing in addition to US oil exports decreasing due to increased US tight oil production. Terrorism Terrorism , in its broadest sense,

4736-663: Is the use of violence against non-combatants to achieve political or ideological aims. The term is used in this regard primarily to refer to intentional violence during peacetime or in the context of war against non-combatants (mostly civilians and neutral military personnel ). There are various different definitions of terrorism , with no universal agreement about it. Different definitions of terrorism emphasize its randomness , its aim to instill fear , and its broader impact beyond its immediate victims. Modern terrorism, evolving from earlier iterations, employs various tactics to pursue political goals, often leveraging fear as

4864-470: Is usually accompanied by anti-government sentiments. Adherents of Christian Identity are not connected with specific Christian denominations , and they believe that whites of European descent can be traced back to the " Lost Tribes of Israel ". Adherents have committed hate crimes , bombings and other acts of terrorism, including the Centennial Olympic Park bombing . Its influence ranges from

4992-601: Is very concentrated. Not just geographically depending on the country, but depending on the oilfields themselves. As of 2014, it was recognized that 25 oilfields account for 25% of global oil production, and a few hundred 'giant' oilfields (reserves greater than 500 million barrels) account for 50% of global oil production. Globally, the amount of oilfields is estimated to be between 50,000-70,000. Additionally, it has now been recognized that worldwide oil discoveries have been less than worldwide annual oil production since about 1980. More recently, there has been some research about

5120-596: Is worth mentioning that production of tight oil is mainly concentrated in the United States due to world-class geology and ease of borrowing (tight oil production is extremely expensive). Oil sands production is also concentrated in Canada for the same exact reasons (but different type of oil). There are also economic tight oil deposits in Argentina known as the Vaca Muerta Formation , but are less developed than tight oil in

5248-670: The English High Court approved the LIA's application to appoint BDO LLP (UK) as interim receivers and Enyo Law were reappointed as solicitors in the litigations. Approximately 85% of the LIA's assets remain frozen to safeguard them against potential misappropriation and corruption. These sanctions were originally requested by the National Transitional Council shortly after the fall of the Gaddafi regime to protect such assets from theft. In 2015 Abdulmagid Breish called for

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5376-509: The Fischer–Tropsch process , Bergius process , or Karrick process . All the easy oil and gas in the world has pretty much been found. Now comes the harder work in finding and producing oil from more challenging environments and work areas. It is pretty clear that there is not much chance of finding any significant quantity of new cheap oil. Any new or unconventional oil is going to be expensive. Global discoveries of oilfields peaked in

5504-633: The Ghawar oilfield , which is the largest oil field in the world, was revealed to be producing much lower than what conventional wisdom at the time had assumed its production was. Although while no official data exists, certain analysts believe that the Ghawar field has entered into decline, corroborated by the aforementioned news from 2019. According to the US EIA in 2006, Saudi Aramco Senior Vice President Abdullah Saif estimated that its existing fields were declining at

5632-873: The Hamas Charter 's apparent advocacy of genocidal aspirations . In the periods of 1994–1996 and 2001–2007, Hamas orchestrated a series of suicide bombings , primarily directed at civilian targets in Israel, killing over 1,000 Israeli civilians. Five of the terrorist groups that have been most active since 2001 are Hamas, Boko Haram , al-Qaeda , the Taliban and ISIL . These groups have been most active in Iraq, Afghanistan, Pakistan, Nigeria and Syria. Eighty percent of all deaths from terrorism occurred in these five countries. In 2015 four Islamic extremist groups were responsible for 74% of all deaths from Islamic terrorism: ISIS , Boko Haram,

5760-624: The International Conference of Rome for the Social Defense Against Anarchists , the first international conference against terrorism . According to Bruce Hoffman of the RAND Corporation , in 1980, 2 out of 64 terrorist groups were categorized as having religious motivation while in 1995, almost half (26 out of 56) were religiously motivated with the majority having Islam as their guiding force. Depending on

5888-498: The Ku Klux Klan and neo-Nazi groups to the anti-government militia and sovereign citizen movements . Terrorist acts frequently have a political purpose based on self-determination claims, ethnonationalist frustrations, single issue causes (like abortion or the environment), or other ideological or religious causes that terrorists claim are a moral justification for their violent acts. Individuals and groups choose terrorism as

6016-459: The Middle East 's undeveloped conventional oil reserves, much of which is heavy, viscous, and contaminated with sulfur and metals to the point of being unusable. However, high oil prices make these sources more financially appealing. A study by Wood Mackenzie suggests that by the early 2020s all the world's extra oil supply is likely to come from unconventional sources. Globally, oil production

6144-1263: The Organization of Ukrainian Nationalists in pre-war Poland , the Shining Path in Peru under Alberto Fujimori , the Kurdistan Workers Party when Turkey was ruled by military leaders and the ANC in South Africa. According to Boaz Ganor, "Modern terrorism sees the liberal democratic state, in all its variations, as the perfect launching pad and a target for its attacks. Moreover, some terrorist organizations—particularly Islamist-jihadist organizations—have chosen to cynically exploit democratic values and institutions to gain power and status, promote their interests, and achieve internal and international legitimacy". Jihadist militants have shown an ambivalent view towards democracy, as they both exploit it for their ends and oppose it in their ideology. Various quotes from jihadist leaders note their disdain for democracy and their efforts to undermine it in favor of Islamic rule. Democracies, such as Japan,

6272-777: The Orinoco Belt of Venezuela , the Athabasca Oil Sands in the Western Canadian Sedimentary Basin , and the oil shale of the Green River Formation in Colorado , Utah , and Wyoming in the United States. Energy companies such as Syncrude and Suncor have been extracting bitumen for decades but production has increased greatly in recent years with the development of steam-assisted gravity drainage and other extraction technologies. Chuck Masters of

6400-747: The Palestinian airplane hijackings in 1970 and the 1975 Dutch train hostage crisis . Specific political or social causes have included: Causes for right-wing terrorism have included white nationalism , ethnonationalism , fascism, anti-socialism, the anti-abortion movement , and tax resistance . Sometimes terrorists on the same side fight for different reasons. For example, in the Chechen–Russian conflict secular Chechens using terrorist tactics fighting for national independence are allied with radical Islamist terrorists who have arrived from other countries. Various personal and social factors may influence

6528-482: The Pan Am Flight 103 bombing :" "Sanctions are powerful because of our ability to leverage the U.S. financial system. Immediate access to the U.S. and Western investment upon the removal of sanctions is the ultimate carrot ...That carrot is what compels sanctioned narcotics traffickers, proliferators and supporters of terrorism to change their behavior and stop engaging in the illicit conduct that got them cut off from

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6656-567: The Southern Poverty Law Center released a report on domestic terrorism in the United States. The report (titled The Age of the Wolf ) analyzed 62 incidents and found that, between 2009 and 2015, "more people have been killed in America by non-Islamic domestic terrorists than jihadists ." The "virulent racist and antisemitic " ideology of the ultra-right wing Christian Identity movement

6784-505: The U.S. Energy Information Administration has pointed out that after the first wave of discoveries in an area, most oil and natural gas reserve growth comes not from discoveries of new fields, but from extensions and additional gas found within existing fields. A report by the UK Energy Research Centre noted that "discovery" is often used ambiguously, and explained the seeming contradiction between falling discovery rates since

6912-528: The U.S. Energy Information Administration suggest that peak oil demand will not occur before 2030. Enverus forecasts global oil demand to reach 108 million barrels per day by 2030, driven by slower improvements in fuel economy and electric vehicle adoption in the U.S. Similarly, the EIA has updated its estimates, predicting global liquid fuels consumption will be 102.91 million barrels per day in 2024 and 104.26 million barrels per day in 2025, due to higher-than-expected non- OECD consumption. These updates indicate

7040-594: The USGS estimates that, "Taken together, these resource occurrences, in the Western Hemisphere , are approximately equal to the Identified Reserves of conventional crude oil accredited to the Middle East." Authorities familiar with the resources believe that the world's ultimate reserves of unconventional oil are several times as large as those of conventional oil and will be highly profitable for companies as

7168-592: The University of Maryland, College Park , has recorded more than 61,000 incidents of non-state terrorism, resulting in at least 140,000 deaths between 2000 and 2014. Various organizations have used terrorism to achieve their objectives. These include left-wing and right-wing political organizations, nationalist groups , religious groups , revolutionaries , and ruling governments . In recent decades, hybrid terrorist organizations have emerged, incorporating both military and political arms. The term "terrorism" itself

7296-720: The 16th century has also been described as a reign of terror. The terms "terrorism" and "terrorist" gained renewed currency in the 1970s as a result of the Palestinian Liberation Organization (PLO), the Irish Republican Army (IRA), the Basque separatist group, ETA , and the operations of groups such as the Red Army Faction . Leila Khaled was described as a terrorist in a 1970 issue of Life magazine. A number of books on terrorism were published in

7424-459: The 1960s at around 55 billion barrels (8.7 × 10  m ) per year. More recently, 2021 was the worst year for oil and gas discoveries dating back to 1946. This is to be expected of a finite resource. But despite the fall-off in new field discoveries, the reported proved reserves of crude oil remaining in the ground in 2014, which totaled 1,490 billion barrels, were more than quadruple the 1965 proved reserves of 354 billion barrels. A researcher for

7552-454: The 1960s and increasing reserves by the phenomenon of reserve growth. The report noted that increased reserves within a field may be discovered or developed by new technology years or decades after the original discovery. But because of the practice of "backdating", any new reserves within a field, even those to be discovered decades after the field discovery, are attributed to the year of initial field discovery, creating an illusion that discovery

7680-427: The 1970s. The topic came further to the fore after the 1983 Beirut barracks bombings and again after the 2001 September 11 attacks and the 2002 Bali bombings . No definition of terrorism has gained universal agreement. Challenges emerge due to the politically and emotionally charged nature of the term, the double standards used in applying it, and disagreement over the nature of terrorist acts and limits of

7808-458: The Board of Trustees removed Mr Ben Yezza from his role (Resolution 7 of 29 September 2014) and appointed Mr Bouhadi as chairman (Resolution 8). In 2014, Breish stepped down, replaced in the interim by Abdulrahman Ben Yezza , a former Libyan Minister for Oil and Gas, pending an inquiry under Libya's Political and Administrative Isolation Law (through decision No.659 of 2014), until a permanent chairman

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7936-509: The Dutch Central Bank', considering previous Libyan involvement in international terrorism . Between January and June 2008, the LIA paid $ 1.3 billion for options on a basket of currencies and options on six stocks (Citigroup Inc., UniCredit SpA, Banco Santander, Allianz, Électricité de France and Eni SpA) via Goldman Sachs. By February 2010, the value of these investments was 0.025 billion - a 98% loss. As of June 2010, Lafico held 7.5% of

8064-474: The EROI is felt through the cost of production. A higher EROI generally translates to a lower cost of production and higher (monetary) profits for the oil company, and a lower EROI generally translates to a higher cost of production and lower (monetary) profits for the oil company. A higher energy investment means physically using more materials (which require energy to produce) in order to produce energy. Oil sources with

8192-646: The French Revolution of the late 18th century but became widely used internationally and gained worldwide attention in the 1970s during the Troubles in Northern Ireland, the Basque conflict and the Israeli–Palestinian conflict . The increased use of suicide attacks from the 1980s onwards was typified by the 2001 September 11 attacks in the United States. The Global Terrorism Database , maintained by

8320-492: The LIA on 18 May 2015. However, this decision did not reinstate him, nor did it suggest that any tenure he may have had in the past be reinstated. In March 2016, AbdulMagid Breish, former BoD Chairman, disputed Hassan Bouhadi ’s authority as chairman of the Board of Directors of the LIA. On 30 March 2016, the Presidency Council and GNA arrived in Tripoli. By mid-April British, French and Spanish ambassadors had returned to Tripoli to reopen their embassies, and foreign ministers from

8448-404: The LIA's continuing mandate. The Libyan Investment Authority ("LIA") was established in 2006 and is regulated under Law No. 13 of 2010 ("Law No. 13"), which continues to be in full force and effect as a matter of Libyan law. Under Law No. 13, the LIA is composed of: a. The Board of Trustees, being the ultimate governance body with oversight and control of the LIA. The Board of Trustees comprises:

8576-408: The LIA, and former Gaddafi Libyan officials and reported more rumour and innuendo with no hard evidence generally making vague claims of mismanagement. Farhat Bengdara, a Gaddafi appointee, the former governor of the Central Bank of Libya and member of LIA's board of trustees claimed that there was a "clear lack of governance at the LIA" surprising since he been on its governance board of trustees until

8704-413: The Libyan Arab Foreign Investment Company. In July, 2008, the LIA bought a share in the Dutch-Belgian bank of Fortis , which needed additional funds to maintain solvency. The LIA did not confirm the investment, since they were not required by Dutch or Belgian law to do so. However, later that week, the Dutch Minister of Finance Wouter Bos admitted that the situation 'had his attention, as well as that of

8832-409: The Middle East. Their activities in Lebanon during the 1980s garnered support among local Shiites , leading to the rise of smaller terrorist groups, notably the Islamic Jihad . Hamas , the main Islamist movement in the Palestinian territories , was formed by Palestinian imam Ahmed Yassin in 1987. Some scholars, including constitutional law professor Alexander Tsesis , have voiced concerns over

8960-421: The OPEC quota system allows greater output for countries with greater reserves. As conventional oil becomes less available, it can be replaced with production of liquids from unconventional sources such as tight oil , oil sands , ultra-heavy oils, gas-to-liquid technologies, coal-to-liquid technologies, biofuel technologies, and shale oil . In the 2007 and subsequent International Energy Outlook editions,

9088-423: The Presidential Council of the Government of National Accord (GNA) appointed an Interim Steering Committee to temporarily administer and steer the LIA. It has the privileges and terms of reference of the board of directors and chairman with a view to safeguard the normal administration of the company. On 17 August 2016, the governments of France, Germany, Italy, Spain, the United Kingdom, and the United States issued

9216-574: The Prime Minister (as Chairman); the ministers for Planning, Finance, Economy and Trade; the Governor of the Central Bank of Libya; and a number of experts. This structure was established by Decree No. 2 of 2014, the Council of Ministers, the executive branch of the Libyan Government appointed in accordance with the governmental mandate of the elected House of Representatives. b. The Board of Directors, being

9344-541: The September 11 attacks, Bush declared the 2003 invasion of Iraq to be part of the War on Terror. The resulting backlash and instability enabled the rise of Islamic State of Iraq and the Levant and the temporary creation of an Islamic caliphate holding territory in Iraq and Syria, until ISIL lost its territory through military defeats. Attacks used to draw international attention to struggles that are otherwise unreported have included

9472-669: The Taliban, and al-Qaeda, according to the Global Terrorism Index 2016. Since approximately 2000, these incidents have occurred on a global scale, affecting not only Muslim-majority states in Africa and Asia, but also states with non-Muslim majority such as United States , United Kingdom , France , Germany , Spain , Belgium , Sweden , Russia , Australia , Canada , Sri Lanka , Israel , China , India and Philippines . Such attacks have targeted both Muslims and non-Muslims, however

9600-676: The UK, France and Germany had visited Tripoli to express their support for the PC and GNA. Italian and Spanish ambassadors then followed suit shortly after. Breish supported the establishment of a Presidency Council (PC) and Government of National Accord (GNA) in April 2016 and welcomed the PC and GNA, stating that "The LIA reaffirms its readiness to fully cooperate with the Government of National Accord in providing all relevant data, reports and support". On 15 August 2016,

9728-654: The UN to maintain its freeze over the majority of the LIA's assets under UN Security Council Resolution 1970 of 26 February 2011. Breish insisted that Libyan assets must be frozen until a unity government emerges and asserts control. Bouhadi, by contrast, has repeatedly sought to unfreeze the assets, stating that said he would appeal to the UN, the US and the EU. In December 2015, the UN Security Council unanimously adopted Resolution 2259 welcoming

9856-480: The US due to a lack of infrastructure and less capacity to borrow money. In recent history, production of tight oil led to a resurgence of US production in the 2010s. US tight oil production initially peaked in March 2015 and fell by 12 per cent over the next 18 months; but then production rose again, and by September 2017 production had exceeded the old peak. As of 2024, US oil production, especially tight oil production,

9984-608: The United Kingdom, the United States , Israel , Indonesia , India , Spain , Germany , Italy and the Philippines , have all experienced domestic terrorism. While a democratic nation espousing civil liberties may claim a sense of higher moral ground than other regimes, an act of terrorism within such a state may cause a dilemma: whether to maintain its civil liberties and thus risk being perceived as ineffective in dealing with

10112-467: The United States." As of Q1 of 2010, the LIA held approximately US$ 56 billion in assets around the world, broken down as follows: By May 2011, U.S. regulators had frozen $ 37 billion of the LIA's assets there, including $ 29 billion in a single bank. The head of the London School of Economics resigned after it was revealed that he had served as an informal adviser to the LIA and accepted a donation from

10240-500: The age—such as the invention of dynamite, which they were the first anarchist group to make widespread use of —enabled them to strike directly and with discrimination. In 1920 Leon Trotsky wrote Terrorism and Communism to justify the Red Terror and defend the moral superiority of revolutionary terrorism . The assassination of the Empress of Austria Elisabeth in 1898 resulted in

10368-482: The agreement with the LIA as BP's 15% partner in a production sharing agreement (PSA). The LIA's share in BP's PSA provided a direct conduit via which oil wealth could be recycled. However, some Libya experts believed that the presence of two state-owned companies in BP's deal reflected divisions and tensions at the executive level in Libya, particularly over who controls the oil wealth. During August 2007, LIA agreed to establish

10496-417: The assumed relevance of "Thuggee" to the study of modern terrorism is taken for granted. Yet the significance of the article is not simply a matter of citations―it has also provided the foundation for what has become known as the "New Terrorism" paradigm. While Rapoport did not suggest which late 20th century groups might exemplify the implied recurrence of "holy terror", Bruce Hoffman, recognized today as one of

10624-538: The board of directors. The Board of Directors frequently report to the board of trustees. On May 29, 2007, during a visit to Muammar Gaddafi by British Prime Minister Tony Blair , British Petroleum (BP) signed a $ 900 million exploration and production agreement with the Libyan National Oil Corporation . The agreement, which would likely involve an estimated US$ 2 billion in investment, covered three massive, largely unexplored tracts. The NOC signed

10752-466: The competent body to oversee the management of the LIA (articles 10 and 11 of Law No. 13). The LIA Board of Directors is to be made up of seven members, including a chairman. They must be appointed by resolution of the board of trustees. The Board of Directors oversees three subcommittees, (Nomination & Compensation, Governance, and Audit & Risk Committee), each of which have an agreed mandate of responsibilities and undertake frequent reporting back to

10880-468: The concept in a 1956 paper, predicting U.S. production would peak between 1965 and 1971, but his global peak oil predictions were premature because of improved drilling technology. Current forecasts for the year of peak oil range from 2028 to 2050. These estimates depend on future economic trends, technological advances, and efforts to mitigate climate change . Oil, or petroleum , is a mixture of hydrocarbon substances. By its very nature, what "oil"

11008-470: The cost of extraction. With rule changes by the SEC , oil companies can now book them as proven reserves after opening a strip mine or thermal facility for extraction . These unconventional sources are more labor and resource intensive to produce, however, requiring extra energy to refine, resulting in higher production costs and up to three times more greenhouse gas emissions per barrel (or barrel equivalent) on

11136-612: The country, the political system, and the time in history, the types of terrorism are varying. In early 1975, the Law Enforcement Assistant Administration in the United States formed the National Advisory Committee on Criminal Justice Standards and Goals. One of the five volumes that the committee wrote was titled Disorders and Terrorism , produced by the Task Force on Disorders and Terrorism under

11264-578: The direction of H. H. A. Cooper, Director of the Task Force staff. The Task Force defines terrorism as "a tactic or technique by means of which a violent act or the threat thereof is used for the prime purpose of creating overwhelming fear for coercive purposes". It classified disorders and terrorism into seven categories: Other sources have defined the typology of terrorism in different ways, for example, broadly classifying it into domestic terrorism and international terrorism , or using categories such as vigilante terrorism or insurgent terrorism. Some ways

11392-400: The fund to the school. UniCredit , Italy's largest bank, also froze some of Gaddafi's assets. Following a validation and evaluation assessment undertaken by Deloitte for the board of directors in 2012, the LIA portfolio was valued at $ 67 billion as of December 31, 2012. [REDACTED] Media related to Libyan Investment Authority at Wikimedia Commons Peak oil Peak oil is

11520-487: The holdings of the LIA. Despite a severe lack of transparency, the LIA saw an astonishing influx of foreign investment after Libya was removed from the U.S.'s list of state sponsors of terrorism in 2006, thereby lifting previously imposed economic sanctions . The Post reported that investment in Libya "occurred with encouragement from U.S. officials, who wanted to reward Gaddafi for pledging to honor international law, disavow terrorism and compensate relatives of victims of

11648-491: The key issue is the economic viability of extraction at current prices. Initially, it was believed that oil production would decline due to reserve depletion, but a new theory suggests that reduced oil demand could lower prices, impacting extraction costs. Demand may also decline due to persistent high prices. Over the last century, many predictions of peak oil timing have been made, often later proven incorrect due to increased extraction rates. M. King Hubbert introduced

11776-552: The main driver behind these trends. The emergence of Hezbollah in 1982 marked a pivotal moment in terrorism's history. The Shiite Islamist group, rooted in Lebanon , drew inspiration from the Iranian Revolution and Ayatollah Ruhollah Khomeini 's teachings , responding to the 1982 Lebanon War . Beyond pursuing revolutionary goals, Hezbollah members were deeply concerned about the social conditions of Shiite communities across

11904-566: The majority affect Muslims themselves. Terrorism in Pakistan has become a great problem. From the summer of 2007 until late 2009, more than 1,500 people were killed in suicide and other attacks on civilians for reasons attributed to a number of causes—sectarian violence between Sunni and Shia Muslims ; easy availability of guns and explosives; the existence of a " Kalashnikov culture"; an influx of ideologically driven Muslims based in or near Pakistan , who originated from various nations around

12032-432: The net energy of oil production. Regarding energy production, what also matters is the "Energy Return on Investment" (EROI) . To put it simply, in order to produce energy one must also invest some energy, and the EROI is the return on investment in energy terms. With regards to conventional and unconventional oil, it is recognized that conventional oil offers a much higher EROI than unconventional sources of oil. In reality,

12160-447: The oil companies, the producer states and the consumer states. All three have reasons to overstate their proven reserves: oil companies may look to increase their potential worth; producer countries gain a stronger international stature ; and governments of consumer countries may seek a means to foster sentiments of security and stability within their economies and among consumers. Major discrepancies arise from accuracy issues with

12288-653: The personal choice of whether to join a terrorist group or attempt an act of terror, including: A report conducted by Paul Gill, John Horgan and Paige Deckert found that for "lone wolf" terrorists: Ariel Merari , a psychologist who has studied the psychological profiles of suicide terrorists since 1983 through media reports that contained biographical details, interviews with the suicides' families, and interviews with jailed would-be suicide attackers , concluded that they were unlikely to be psychologically abnormal. In comparison to economic theories of criminal behaviour, Scott Atran found that suicide terrorists exhibit none of

12416-432: The point when global oil production reaches its maximum rate, after which it will begin to decline irreversibly. The main concern is that global transportation relies heavily on gasoline and diesel. Transitioning to electric vehicles , biofuels , or more efficient transport (like trains and waterways ) could help reduce oil demand. Peak oil relates closely to oil depletion ; while petroleum reserves are finite,

12544-451: The populace. To avoid detection, a terrorist will look, dress, and behave normally until executing the assigned mission. Some claim that attempts to profile terrorists based on personality, physical, or sociological traits are not useful. The physical and behavioral description of the terrorist could describe almost any normal person. The majority of terrorist attacks are carried out by military age men, aged 16 to 40. Groups not part of

12672-411: The problem; or alternatively to restrict its civil liberties and thus risk delegitimizing its claim of supporting civil liberties. For this reason, homegrown terrorism has started to be seen as a greater threat, as stated by former CIA Director Michael Hayden. This dilemma, some social theorists would conclude, may very well play into the initial plans of the acting terrorist(s); namely, to delegitimize

12800-449: The production profile of a typical oil well is that first production increases, then it plateaus, and then it declines. This is the underlying assumption of the Hubbert peak theory . The chart to the right shows the decline of Alaskan oil production since after the 1980s, which is reflective of a typical pattern of decline among most oilfields. Meanwhile, unconventional oil production follows

12928-564: The propaganda tactics used by terrorists. Some security organizations designate these groups as violent non-state actors . A 2007 study by economist Alan B. Krueger found that terrorists were less likely to come from an impoverished background (28 percent versus 33 percent) and more likely to have at least a high-school education (47 percent versus 38 percent). Another analysis found only 16 percent of terrorists came from impoverished families, versus 30 percent of male Palestinians, and over 60 percent had gone beyond high school, versus 15 percent of

13056-470: The rebel National Transitional Council, appointed Mahmoud Badi, formerly a civil servant under Gaddafi, to investigate the Libyan Investment Authority. In August 2011, Badi found "misappropriation, misuse and misconduct of funds" with $ 2.9 billion missing from the LIA. Badi's report was the first in a series of reports by Gaddafi era technocrats claiming large losses and misconduct. Badi himself

13184-629: The recoverable reserves of the Orinoco Belt range from 100 billion barrels (16 × 10 ^  m ) to 270 billion barrels (43 × 10 ^  m ). In 2009, USGS updated this value to 513 billion barrels (8.16 × 10  m ). While not an actual source of unconventional oil, processes which convert other hydrocarbons into liquid fuels deserve an honorable mention, as similar to unconventional oil they are 'unconventional' and very costly to produce. They include coal liquefaction or gas to liquids which produce synthetic fuels from coal or natural gas via

13312-543: The revolution came. On Bengdara's recommendation Sami Rais (another Gaddafi era appointment)had been made chief executive of LIA in October 2009. Rais and Bengdara were subsequently sacked by the new governments of Libya. The accountancy firm KPMG had provided reports and audit in 2010 which showed the LIA asset position steadily improving and made no suggestions of corruption or wrongdoing by any LIA staff member. In 2011, Ali Tarhouni , minister of financial and oil affairs for

13440-455: The right to self-determination . Harvard law professor Richard Baxter , a leading expert on the law of war, was a skeptic: "We have cause to regret that a legal concept of 'terrorism' was ever inflicted upon us. The term is imprecise; it is ambiguous; and above all, it serves no operative legal purpose." Different legal systems and government agencies employ diverse definitions of terrorism, with governments showing hesitation in establishing

13568-502: The same thing. Using "total liquids" production to refer to "crude oil" production is misleading, the extra liquids included in "total liquids" production do not refine into the same products. It can be misleading as it could be used to inflate the actual amount of crude oil being produced globally. Where oil may come from is commonly divided into two categories, "conventional" oil sources and "unconventional" oil sources. The terms are not strictly defined, and may vary within literature. As

13696-658: The secular Irgun were among the Zionist groups labelled as terrorist organisations by the British authorities and United Nations , for violent terror attacks against Britons and Arabs. Another extremist group, the Lehi , openly declared its members as "terrorists". Historian William Cleveland stated many Jews justified any action, even terrorism, taken in the cause of the creation of a Jewish state. In 1995, Yigal Amir assassinated Israeli Prime Minister Yitzhak Rabin . For Amir, killing Rabin

13824-521: The self-reported numbers from the Organization of the Petroleum Exporting Countries (OPEC). Besides the possibility that these nations have overstated their reserves for political reasons (during periods of no substantial discoveries), over 70 nations also follow a practice of not reducing their reserves to account for yearly production. Analysts have suggested that OPEC member nations have economic incentives to exaggerate their reserves, as

13952-578: The signing of Libyan Political Agreement and the emergence of a Tripoli-based Presidency Council (PC) and Government of National Accord (GNA). Breish appealed against his isolation before the Appeal Court of Tripoli. On 13 April 2015, the Libyan Court of Appeal stated that the Political and Administrative Isolation Law did not apply to Breish – he claims this led to his reinstatement as chairman and CEO of

14080-600: The socially dysfunctional attributes—such as fatherless, friendless, jobless situations—or suicidal symptoms. By which he means, they do not kill themselves simply out of hopelessness or a sense of 'having nothing to lose'. Abrahm suggests that terrorist organizations do not select terrorism for its political effectiveness. Individual terrorists tend to be motivated more by a desire for social solidarity with other members of their organization than by political platforms or strategic objectives, which are often murky and undefined. Michael Mousseau shows possible relationships between

14208-469: The state and cause a systematic shift towards anarchy via the accumulation of negative sentiments towards the state system. The perpetrators of acts of terrorism can be individuals, groups, or states. According to some definitions, clandestine or semi-clandestine state actors may carry out terrorist acts outside the framework of a state of war. The most common image of terrorism is that it is carried out by small and secretive cells , highly motivated to serve

14336-789: The state apparatus of in opposition to the state are most commonly referred to as a "terrorist" in the media. According to the Global Terrorism Database, the most active terrorist group in the period 1970 to 2010 was Shining Path (with 4,517 attacks), followed by Farabundo Marti National Liberation Front (FMLN), Irish Republican Army (IRA), Basque Fatherland and Freedom (ETA), Revolutionary Armed Forces of Colombia (FARC), Taliban , Liberation Tigers of Tamil Eelam , New People's Army , National Liberation Army of Colombia (ELN), and Kurdistan Workers Party (PKK). Israel has had problems with religious terrorism even before independence in 1948. During British mandate over Palestine ,

14464-429: The surface or can be extracted by simply pumping it out of the ground. Heavy refers to oil that has higher density and lower API gravity . It does not flow as easily, and its consistency can be similar to that of molasses. While some of it can be produced using conventional techniques, recovery rates are better using unconventional methods. Generally, especially with regards to peak oil, the primary concern regards what

14592-523: The total shares of Italian football club Juventus . In June 2010 and September 2012 Internal Management Reports were leaked to the Press by sacked staff, which showed the Libyan Investment Authority had suffered much smaller losses than expected compared to the huge losses suffered by many sovereign wealth funds in the fallout of the 2008 crash. The Financial Times interviewed Gaddafi era appointees and directors of LIA, bankers who had never done business with

14720-491: The type of economy within a country and ideology associated with terrorism. Many terrorists have a history of domestic violence. Terrorism is most common in nations with intermediate political freedom, and it is least common in the most democratic nations. Some examples of terrorism in non-democratic nations include ETA in Spain under Francisco Franco (although the group's activities increased sharply after Franco's death),

14848-424: The typology of terrorism may be defined are: According to the Global Terrorism Index by the University of Maryland, College Park , religious extremism has overtaken national separatism and become the main driver of terrorist attacks around the world. Since 9/11 there has been a five-fold increase in deaths from terrorist attacks. The majority of incidents over the past several years can be tied to groups with

14976-408: The ultimately recoverable oil remained. More recently, "peak oil demand" has become a more popular interpretation of peak oil. The International International Energy Agency (IEA) argues that the world will first intentionally reduce oil demand before supply issues actually become a problem, as to address climate change and greenhouse gas emissions . Unlike peak oil demand, peak oil generally

15104-581: The word "Oil" was replaced with "Liquids" in the chart of world energy consumption . In 2009 biofuels was included in "Liquids" instead of in "Renewables". The inclusion of natural gas liquids, a bi-product of natural gas extraction, in "Liquids" has been criticized as it is mostly a chemical feedstock which is generally not used as transport fuel. Reserve estimates are based on profitability, which depends on both oil price and cost of production. Hence, unconventional sources such as heavy crude oil, oil sands, and oil shale may be included as new techniques reduce

15232-572: The world and the subsequent war against the pro-Soviet Afghans in the 1980s which blew back into Pakistan; the presence of Islamist insurgent groups and forces such as the Taliban and Lashkar-e-Taiba. On July 2, 2013, in Lahore , 50 Muslim scholars of the Sunni Ittehad Council (SIC) issued a collective fatwa against suicide bombings, the killing of innocent people, bomb attacks, and targeted killings declaring them as Haraam or forbidden. In 2015,

15360-425: The world's 1,200 billion barrels (190 × 10 ^  m ) of proven reserves should be recategorized as speculative resources. One difficulty in forecasting the date of peak oil is the opacity surrounding the oil reserves classified as "proven". In many major producing countries, the majority of reserves claims have not been subject to outside audit or examination. For the most part, proven reserves are stated by

15488-437: The world's leading terrorism experts, did not hesitate to do so. A decade after Rapoport's article. Hoffman picked up the mantle and taking the three case studies as inspiration, he formulated a model of contemporary "holy terror" or, as he defined it, "terrorism motivated by a religious imperative". Completely distinct from "secular terrorists", Hoffman argued that "religious terrorists" carry out indiscriminate acts of violence as

15616-517: The years, much research has been conducted to distill a terrorist profile to explain these individuals' actions through their psychology and socio-economic circumstances. Some specialists highlight the lack of evidence supporting the idea that terrorists are typically psychologically disturbed. The careful planning and detailed execution seen in many terrorist acts are not characteristics generally associated with mentally unstable individuals. Others, like Roderick Hindery, have sought to discern profiles in

15744-451: Was Narodnaya Volya , founded in Russia in 1878 as a revolutionary anarchist group inspired by Sergei Nechayev and " propaganda by the deed " theorist Carlo Pisacane . The group developed ideas—such as targeted killing of the 'leaders of oppression', which were to become the hallmark of subsequent violence by small non-state groups, and they were convinced that the developing technologies of

15872-647: Was a Gaddafi era technocrat and was removed soon after his claims were made. He now heads the Libyan Economic and Social Fund. As of December 2012, the Libyan Investment Authority following the Deloitte validation and evaluation report and the commitment to meeting the governance of mandate outlined in Law 13, the LIA appeared to be operating normally and no responsible investigation has demonstrated any real substantiated evidence of corruption or malfeasance. On 29 September 2014

16000-638: Was a modern phenomenon until David C. Rapoport published his seminal article Fear and Trembling: Terrorism in Three Religious Traditions in 1984. Rapoport proposed three case studies to demonstrate "ancient lineage" of religious terrorism, which he called "sacred terror": the "Thugs" , the Assassins and the Jewish Sicarii Zealots . Rapoport argued religious terrorism has been ongoing since ancient times and that "there are signs that it

16128-454: Was not accepted. In 2006, it was estimated that there were over 109 different definitions of terrorism. Early published studies like Paul Wilkinson considered terrorism a product of 19th-century revolutionary politics. Technological developments like the pistol and dynamite made possible the relentless onslaught of successful attacks and assassinations that shook the 19th-century. Scholars of terrorism had largely assumed that terrorism

16256-590: Was originally used to describe the actions of the Jacobin Club during the " Reign of Terror " in the French Revolution . "Terror is nothing other than justice, prompt, severe, inflexible", said Jacobin leader Maximilien Robespierre . In 1795, Edmund Burke denounced the Jacobins for letting "thousands of those hell-hounds called Terrorists ... loose on the people" of France. John Calvin 's rule over Geneva in

16384-532: Was put in place. In early 2014, Breish initiated legal proceedings on behalf of the LIA against Goldman Sachs and Société Générale S.A to recover billions of dollars lost through improper transactions done in their dealing with the LIA during the Gaddafi Regime . The LIA appointed the English law firm Enyo Law to pursue litigations. Enyo law was forced to step aside in April 2015 but was re-instated in July 2015 when

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