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The National Oil Corporation (NOC) is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around half of the country's oil output. Of NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Arabian Gulf Oil Company (Agoco), Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC).

Libya is a member of the Organization of Petroleum Exporting Countries (OPEC) and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Goilbbl as of January 2007, up from 39.1 Goilbbl in 2006. About 80% of Libya’s proven oil reserves are located in the Sirte Basin Province, which accounts for 90% of the country’s oil output. The province ranks 13th among the world’s petroleum provinces, having known reserves of 43.1 Goilbbl of oil equivalent (36.7 Goilbbl of oil, 37.7 e12cuft of gas, 0.1 Goilbbl of natural gas liquids). The government dominates Libya's economy through control of oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP, which was USD $50.2 billion in 2006. (Read more...)