Chevron Enters Libya with Production-Sharing Agreement

Libya's National Oil Corporation (NOC) has made significant strides in attracting international investment, signing a production-sharing agreement with Chevron. This marks a major milestone for Libya, which has Africa's largest proven oil reserves at over 48 billion boe.

The agreement formalizes the results of Libya's 2025 licensing round, its first oil and gas bid round since 2007. Contract Area 106, covering 7,437 sq km in the Sirte Basin, was awarded to Chevron earlier this year after an MoU was signed in January.

Chairman Masoud Suleiman described the agreement as a 'significant step towards exploring and developing Libya's resources'. This collaboration is part of NOC's strategy to attract international investment and cooperation.