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National Oil Corporation (NOC)

The national oil company of Libya is confusingly called the National Oil Corporation. It controls proven reserves of 50 billion barrels of oil. NOC is headquartered in Tripoli, Libya.

Early oil drilling in Libya was conducted precursors to ExxonMobil and Texaco. In 1969, the monarchy of Libya was overthrown by Muammar al-Gaddafi, who established the NOC in 1970. Between 1970 and 1976, Libya nationalized all IOC concessions.

The NOC is vertically integrated and operates several refineries. It has a production capacity of 380,000 barrels of oil per day. 60% of all refined products are exported, primarily to Europe. Exact revenue figures are not available, but petroleum accounts for more than 50% of the annual GDP or $96 billion.