The history of the Arabian Gulf Oil Company (AGOCO) is deeply intertwined with the progress and economic growth of the State of Libya. Since its establishment on December 7, 1971, following the nationalization of the British Petroleum (BP) share, the company has been—and remains—a fundamental pillar in developing Libya's oil and gas sector and a source of national pride.
For over four decades, the company has played a pivotal role in driving economic and social development by managing and operating some of the country's most vital oil fields and terminals, while supplying petroleum products that fuel the domestic market and meet the needs of national refineries.
Driven by its national workforce, representing over 99% of its workforceand its leadership, the company has succeeded in establishing its position asthe first wholly state-owned Libyan company and positioning itself prominently among major global oil companies
Establishment History of AGOCO
1971 – Nationalization of British Petroleum (BP) into the Arabian Gulf Exploration Company.
Arabian Gulf Oil Company (AGOCO) was established in 1971 following the issuance of Law No. 115 of 1971, which enacted the nationalization of British Petroleum (BP), operating in exploration in Libya, and the creation of a new national entity named the Arabian Gulf Exploration Company.
First Chairman of the Board of Directors
Abdelrahim Mohamed El-Naas (1971)
Mr. Abdelrahim Mohamed El-Naas assumed the chairmanship of the Board of Directors of the Arabian Gulf Oil Company (AGOCO) upon its establishment in the early 1970s, becoming its first Board Chairman following the issuance of Law No. 115 of 1971 and the nationalization of BP Exploration in Libya. His extensive expertise in economic and financial fields played a pivotal role in laying the foundation of the company, organizing its technical and administrative operations, and overseeing the subsequent merger phases between exploration and production activities until the company crystallized into its well-known corporate structure today.
His leadership during that foundational phase served as the cornerstone for the journey of the company, which has become one of the most prominent oil sector companies in Libya.
1979 – Merger of Um Al-Jawaby Oil Company and Arabian Gulf Exploration Company to become Arabian Gulf Oil Company (AGOCO).
Following the establishment of the Arabian Gulf Exploration Company, Law No. 11 of 1974 was issued, providing for the nationalization of American Overseas Petroleum Limited and the creation of Um Al-Jawaby Oil Company. In 1979, the General Management Committee issued a decision to merge:
the operations of the Arabian Gulf Exploration Company, the operations of Um Al-Jawaby Oil Company, and the direct exploration and production activities of the National Oil Corporation (NOC), thereby forming through this merger the Arabian Gulf Oil Company (AGOCO) as it subsequently came to be known.