The National Oil Corporation (NOC) was established on 12 November 1970 , under Law No: 24/1970, replacing the general Libyan Petroleum Corporation which established under Law No. 13 of 1968 to assume the responsibility of the oil sector operations . It was later reorganized under decision No :10/1979 by the General Secretariat of the General People's Congress, to undertake 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. In carrying out its activities, NOC may enter into participation agreements with other companies and corporations carrying out similar activities.
Therefore, NOC is carrying out exploration and production operation through its own affiliated companies, or in participation with other companies under service contracts or any other kind of petroleum investment agreements . This is in addition to marketing operations of oil and gas, locally and abroad . For this purpose, NOC has its own fully owned companies which carry out exploration, development and production operations, in addition to local and international marketing companies. NOC also has participation agreements with specialized international companies. Such agreements have developed into exploration and production sharing agreements, in accordance with the development of the international oil and gas industry, and international petroleum marketing.