Libya ’s isolation became even more pronounced following the 1992 imposition of United Nations sanctions designed to force Gaddafi to hand over two suspects indicted for the 1988 bombing of Pan Am Flight 103 over Lockerbie , Scotland . The sanctions , imposed on 31 March 1992 , initially banned sales of equipment for refining and transporting oil , but excluded oil production equipment . Sanctions were expanded on 11 November 1993 , to include a freeze on Libya 's overseas assets , excluding revenue from oil , natural gas , or agricultural products . Under these condition , NOC Chairman Abdallah al-Badri emphasized reducing new projects and upgrading domestic facilities . Joint ventures were initiated with Veba , Petrofina , North African Petroleum , the Petroleum Development Co. ( Republic of Korea ) and Lasmo . Foreign operators were encouraged to produce exclusively for export , limited to national oil companies with pre-sanctions equity in Libya . This policy was an attempt to contain the amount of crude offered on the spot market through third-party traders , and increase downstream investment . In 2000 , NOC was reorganized by the General People 's Congress after the Ministry of Energy was abolished , further consolidating control over the sector
Pan Am Flight 103
Pan Am Flight 103
National Oil Corporation