The invention relates to a process for producing liquid hydrocarbons from a hydrocarbonaceous feedstock involving: (i) catalylically reforming at least part of the hydrocarbonaceous feedstock at elevated temperature and pressure with steam in at least one reforming zone; (ii) heating the reforming zone(s) by means of a carbon dioxide containing heating gas containing a product obtained by partial oxidation of the reformer product obtained in step (i) and carbon dioxide depleted light product obtained in step (vi) with an oxygen-containing gas in an oxidation zone; (iii) separating carbon dioxide from cooled down heating gas obtained in step (ii); (iv) catalytically converting at least part of the carbon dioxide depleted gas steam obtained in step (iii) at elevated temperature and pressure into normally liquid hydrocarbons; (v) separating product stream obtained in step (iv) into a light product having mainly unconverted synthesis gas, inerts and light hydrocarbons and a heavy product; having mainly normally liquid and solid hydrocarbons; (vi) separating carbon dioxide from the light product obtained in step (v); and (vii) combining at least part of the carbon dioxide feed obtained in step (iii) and/or step (vi) with the hydrocarbonaceous feedstock for step (i).