Abstract: The GTL process of the invention comprises: reacting a combustible carbonaceous material in a syngas reactor, preferably an autothermal reformer, under conditions to produce a synthesis gas; contacting the synthesis gas with an F-T catalyst to form liquid products and a tail gas; separating the tail gas from the liquid products; separating CO2 from the light products in the tail gas; recovering the light products as additional products for sale or other use and utilizing at least a portion of the separated CO2 as a feed stream to the syngas reactor.