The National Oil Corporation (NOC) was established on 12 November 1970, under Law No: 24/1970 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.
NOC is carrying out exploration and production operation through its own affiliated companies marketing operations of oil and gas, locally and abroad. NOC also has participation agreements with specialized international companies. NOC owns refining, and oil and gas processing companies. NOC also owns national service companies which carry out oil well drilling and work over operations, provide all drilling material and equipment, lay and maintain oil and gas pipelines, build and maintain oil and gas storage tanks and carry out related technical and economic studies.