Libya’s National Oil Corporation (NOC) has signed a production-sharing agreement with US energy company Chevron as the country seeks to attract investment and increase oil production. NOC Chairman Masoud Suleiman said the agreement represents an important step towards exploring and developing Libya’s hydrocarbon resources while strengthening partnerships with major international energy companies. Suleiman said the […]
Libya’s National Oil Corporation (NOC) has signed a production-sharing agreement with US energy company Chevron as the country seeks to attract investment and increase oil production.
NOC Chairman Masoud Suleiman said the agreement represents an important step towards exploring and developing Libya’s hydrocarbon resources while strengthening partnerships with major international energy companies.
Suleiman said the corporation expects the agreement to support increased production and investment while introducing advanced expertise and technology for exploration and oilfield development. The agreement follows the NOC’s 2025 bidding round, which sought to attract international oil companies to invest in exploration and development projects across Libya.
Libya remains heavily dependent on oil and gas for government revenue and foreign exchange. However, the country’s energy sector requires significant investment and technological upgrades to modernize infrastructure and increase production.
