Advancing exploration prospects across Libya's resources-rich basins, the National Oil Corporation (NOC) has signed a memorandum of understanding (MoU) with oil major, Chevron, to conduct a joint study for the assessment of unconventional shale oil and gas resources
The partners will deploy their technical teams to study and assess the development potential of resources across three sedimentary basins in the region, namely Sirte, Murzuq, and Ghadames. The teams are anticipating the presence of around 123 trillion cu/ft of gas reserves, alongside approximately 18 billion barrels of oil. If confirmed, the partners will work to secure Libya's stronghold in the global energy markets.
According to the NOC chairman, Masoud Suleman, this MoU marks a stepping stone for several such influential partnerships to come into the country, adding to its already-delivering exploration efforts.
Suleman highlighted that the MoU formalises the first joint study in Libya to assess unconventional resources. The national staff will work closely with Chevron’s American staff, fostering knowledge sharing in practical field experience, acting as a launchpad for the nation to deliver professional and technical development that meet international industry standards. This will empower the nation's workforce to take on such tasks in the future independently.
Libya's global presence continues to grow steadily as Sulzer launched an in-country rotating equipment services in the region, while Eni confirmed a gas discovery in the western offshore area.
Libya NOC to jointly assess exploration potential with Chevron
The partners will work to secure Libya's stronghold in the global energy markets. (Image source: Libya NOC)
