NOC Snapshot
National Oil Corporation (NOC) is looking for help from international oil corporations to help it exploit Libya's vast hydrocarbon resources. The state-owned integrated oil company controls Libya's petroleum industry; it engages in exploration and production primarily through agreements with foreign companies. NOC has estimated proved reserves of 46 billion barrels of oil and 1.5 trillion cu. meters of natural gas. Oil and gas accounts for 95% of the country's exports, with Italy being Libya's largest oil customer. The country is looking to recover economically following the removal of the international sanctions slapped on Libya in the wake of the country's complicity in the bombing of Pan Am Flight 103.
