Although the three processing steps that constitute the Fischer-Tropsch based Gas-to-Liquids (GTL) technology, namely syngas generation, syngas conversion and hydroprocessing, are all commercially proven and individually optimized, their combined use is not widely applied. In order to make the GTL technology more cost-effective, the focus must be on reducing both the capital and the operating costs of such a plant. Current developments in the area of syngas generation, namely oxygen transfer membranes and heat exchange reforming, have the potential to significantly reduce the capital cost and improve the thermal efficiency of a GTL plant. Further improvements in terms of the activity and selectivity of the Fischer-Tropsch catalyst can also make a significant reduction in the operating cost of such a plant.