Libya Awards Chevron Block S4 in Sirte Basin Oil Contract

Libya's state-owned National Oil Corporation (NOC) has signed an agreement with Chevron, marking a significant step in reviving the country's oil licensing round. The deal grants Chevron's subsidiary, Chevron Business Development EMEA, control over block S4 in the Sirte Basin, central Libya.

The contract is designed to support the exploration and development of Libya's resources by leveraging Chevron's technical expertise and technology. This move comes as major producers adjust their energy strategies, including China's five-year oil and gas plan for 2026-2030.

Libya currently produces 1.5 million barrels per day and aims to reach 2 million barrels per day. The country holds Africa's largest oil reserves, estimated at 48 billion barrels, which has kept it at the center of interest for major international groups despite an unstable political and security environment.