Libya's National Oil Corporation (NOC) announced on Tuesday that it has signed a memorandum of understanding with U.S. energy giant Chevron to jointly assess shale oil and gas resources in several of the country's sedimentary basins.
According to a statement from the head of NOC, preliminary estimates indicate that the Libyan basins hold approximately 123 trillion cubic feet of natural gas and around 18 billion barrels of oil resources. The agreement aims to evaluate the development potential of these unconventional resources through technical cooperation.
Libya is actively promoting the revival of its oil and gas sector to reverse production declines caused by years of political instability. In the country's first exploration bidding round in nearly two decades, launched in February 2025, Chevron secured exploration rights for an onshore block in the Sirte Basin. NOC plans to increase production from the current level of about 1.4 million barrels per day to approximately 1.6 million barrels per day by the end of 2026.
The signing of this memorandum of understanding marks a new step in Libya's efforts to attract international energy investment and reflects major oil companies' growing recognition of the improvement in the country's security environment. NOC stated that the collaboration is designed to leverage Chevron's technical expertise to boost the nation's oil and gas reserves.
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