High-Level Conflict & Divergence of Control in the Libyan Hydrocarbon Industry: Risks & Uncertainties to IOCs
Article from: OGEL 1 (2006), in Economic and Commercial Context for Oil, Gas and Energy Law
Abstract
Since the introduction of the Libyan Petroleum Law of 1955, a series of legally-established bodies have controlled the Libyan hydrocarbon sector, starting with the expatriate-dominated Petroleum Commission, tasked with implementing the government's rules and regulations regarding the petroleum sector. The discovery of oil in substantial quantities in the 1960s coupled with major political changes after 1969, led to the nationalization of Libya's hydrocarbon industry, and the establishment of the Libyan National Oil Corporation(LNOC) by Law No.24 of 1970. The ...