WE CONTRIBUTE TO GLOBAL GROWTH & PROVIDE THE WORLD WITH ITS ENERGY & PETROCHEMICAL NEEDS
National Oil Corporation is a state-owned entity which was established in 1970, under Law No: 24/1970, to assume the responsibility of controlling oil and gas production and overseeing all petroleum activities in Libya.
NOC aims for the realization of the objectives of the development plan in the areas of petroleum, supporting the national economy through increasing, developing and exploiting the oil reserves and operating and investing in those reserves, to realize optimum returns.
NOC also carries out oil field servicing, oil and gas processioning, marketing and sales activities. National Oil Corporation subsidiaries include Arabian Gulf Oil Company (AGOCO), Ras Lanuf Oil and Gas Processing Company (RASCO) and Brega Petroleum Marketing Company.
Oil Sector Overview
As we said earlier Libya is a member of the Organization of Petroleum Exporting Countries (OPEC) and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Gbbl (6.60×109 m3) as of January 2007, up from 39.1 Gbbl (6.22×109 m3) in 2006. About 80% of Libya’s proven oil reserves are located in the Sirte Basin Province, which accounts for 90% of the country’s oil output. The province ranks 13th among the world’s petroleum provinces, having known reserves of 43.1 billion barrels (6.85×109 m3) of oil equivalent (367,00 000,000 bbl (0 m3) of oil, 37.7 trillion cubic feet (1.07×1012 m3) of gas, 0.1 Gbbl (16,000,000 m3) of natural gas liquids).
The Libyan economy depends on oil, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP, which was USD $50.2 billion in 2006.