Law No: 24 of 1970 (Establishment of National Oil Corporation)
Law No. 24 of 1970 creates the National Oil Corporation (NOC), replacing the General Libyan Petroleum Corporation which was established under Law No. 13 of 1968. The law was promulgated in line with the nationalisation of the petroleum industry in Libya, enabling the state to assume oil sector operations. The law empowers the NOC to enter into contracts - named Exploration and Production Sharing Agreements (EPSA) - on behalf of the Libyan Government, thereby making participation of other companies in the upstream sector possible.
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