Libya’s National Oil Corporation (NOC) has signed a memorandum of understanding with US-based Chevron Company to jointly evaluate the country’s unconventional energy resources, marking a significant step toward expanding Libya’s long-term energy potential.
The agreement, announced by NOC Chairman Masoud Suleman, focuses on conducting technical studies to assess shale oil and gas reserves across several key sedimentary basins. The initiative is part of broader efforts to modernize Libya’s energy sector and attract international investment after years of instability.
The joint study will cover three major basins: Sirte, Murzuq, and Ghadames. These regions are already central to Libya’s conventional oil production, but the new partnership aims to explore their untapped unconventional potential. Officials believe this could significantly expand Libya’s total hydrocarbon reserves.
Preliminary estimates suggest that Libya may hold around 123 trillion cubic feet of unconventional natural gas, along with approximately 18 billion barrels of oil. If confirmed, these resources would place Libya among the leading countries in unconventional energy reserves, offering a major boost to future production capacity and economic prospects.
The agreement reflects a strategic shift toward diversifying energy sources and maximizing the value of existing resources. By developing unconventional reserves, Libya aims to strengthen energy security, increase output flexibility, and create new investment opportunities.
The partnership with Chevron also signals renewed confidence from major international energy companies in Libya’s oil and gas sector. Analysts view the deal as a positive indicator of improving investment conditions and growing interest in the country’s energy potential.
