Decree No. 10/1979 on reorganization of the National Oil Corporation

Decree No 10/1979 reorganized the National Oil Corporation (NOC), which was established under Law No: 24 of 1970. The Decree tasks the NOC with the enforcement of development plans for areas of petroleum exploration, aiming to support the national economy through the development of oil reserves. The regulation determines that the NOC shall operate and invest in those reserves with the aim of obtaining optimum returns.

 

Furthermore, it defines that the National Oil Corporation has a stake of at least 51% in all Libyan exploration licences.