National Oil Corporation (NOC)

The National Oil Corporation (NOC) is Libya's state-owned oil company, responsible for managing and developing the country's vast oil and gas reserves. It plays a crucial role in Libya's economy, which is heavily reliant on hydrocarbon revenues. The NOC is newsworthy due to recent efforts to revitalize the oil sector after years of instability. In February 2026, the NOC announced the results of its first licensing round since 2007, awarding oil and gas exploration rights to foreign firms like Chevron, Eni, QatarEnergy, and Aiteo. This move aims to attract investment and boost production. Separately, the NOC is indirectly involved in the situation surrounding the damaged Russian tanker 'Arctic Métagaz' off the Libyan coast, as any potential environmental disaster would directly impact the NOC's operations and Libya's oil-producing regions. The NOC's actions are vital for Libya's economic recovery and stability.