That's true. But while Libya isn't in a great spot, it is nowhere near being one of the poorest countries, and its inflation adjusted GDP per capita in 2009 was about 50% of where Norway was when oil was discovered. That's about 4 times as high as Egypt in 2009, and higher than some European countries like Estonia.

Presumably the civil war might have set them back somewhat, but they're still in a position where it at least ought to be possible to start building a long term revenue stream from this.