Libya’s National Oil Corporation (NOC) has signed a memorandum of understanding with Chevron to conduct a comprehensive technical study of hydrocarbon potential in an unexplored offshore area.
The agreement is part of ongoing efforts to expand exploration activities and strengthen Libya’s oil and gas sector.
The study will focus on analyzing geological data and assessing the presence of oil and gas resources in a maritime zone that has not yet been fully explored.
The results are expected to provide a clearer picture of the area’s potential and support future decisions on exploration and development.
Chairman of the National Oil Corporation, Masoud Suleman, said the targeted offshore region contains encouraging geological indicators that could lead to new discoveries.
He noted that such findings may contribute to increasing Libya’s reserves and supporting long-term production plans.
The cooperation with Chevron will allow Libya to benefit from advanced technical expertise and modern exploration technologies. Officials say this will improve the accuracy of data analysis, reduce operational risks, and support exploration activities in line with international safety and environmental standards.
Libya has been working to attract international energy companies as part of efforts to revitalize the sector after years of disruption. Offshore exploration is seen as an important step in increasing production capacity and expanding the country’s resource base.
Large areas of Libya’s maritime territory remain underexplored, making them of interest to global energy firms. Partnerships such as this one may open the way for further investment and additional exploration projects in the future.
At the same time, challenges remain, including the need for stable conditions and clear regulatory frameworks to support long-term investment.
