Tripoli – Libya’s state-owned oil company NOC announced on Monday it had reached a production-sharing agreement with US energy giant Chevron as part of an international tender process.
The agreement will “support the exploration and development of Libya’s resources”, and allow NOC to draw on Chevron’s expertise and technological edge, it said.
Chevron confirmed the deal concerning an area in Libya’s Sirte Basin, saying it “looks forward to working with NOC and other key stakeholders in Libya”.
The block was awarded to Chevron in February as part of an international tender launched in 2025.
Libya gets much of its revenue from oil exports, and the NOC said the new agreement was meant to boost production and “support the national economy”.
The North African country currently produces 1.5 million barrels per day and aims to raise that volume to two million barrels per day.
Libya has the most abundant oil reserves in Africa, but has been divided ever since it was plunged into war during the ouster in 2011 of former leader Muammar Gaddafi.
Two governments are currently vying for power: the UN-recognised administration in Tripoli and a rival in the east backed by military commander Khalifa Haftar.
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Source: AFP
