Libyan National Oil Corporation and Chevron reach an agreement to study offshore oil and gas resources in Libya

Libya’s National Oil Corporation has signed a memorandum of understanding with Chevron to conduct technical research on the nearshore NC146 block.

Masud Suleiman, chairman of Libya’s National Oil Corporation, said the agreement covers a comprehensive assessment of the block. Although the block has not yet been explored, it has already shown encouraging geological indications.

He said this marks a new phase in evaluating nearshore potential, is expected to help lead to oil and gas discoveries, and will also help strengthen Libya’s hydrocarbon reserves.

Suleiman said that working with global companies like Chevron will facilitate the introduction of advanced technologies and the application of best practices in nearshore exploration, thereby contributing to the development of the energy industry.

He added that this cooperation demonstrates that all parties have renewed confidence in Libya’s investment environment, and also reflects a trend of large international companies returning to the country to look for opportunities.

Suleiman said the agreement also aligns with Libya’s broader strategy to enhance its position in the global energy market.

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Responsible editor: Zhang Jun SF065