Libya Strikes Deal with Chevron to Boost Oil Production

Libya's state-owned oil company NOC has reached a production-sharing agreement with US energy giant Chevron. The deal, which was awarded to Chevron in February as part of an international tender launched in 2025, will support the exploration and development of Libya's resources.

NOC said the agreement will allow it to draw on Chevron's expertise and technological edge, boosting production and supporting the national economy. Libya currently produces 1.5 million barrels per day and aims to raise that volume to two million barrels per day.

The country's oil reserves are its most valuable asset, but have been hindered by years of conflict following the ouster of former leader Muammar Gaddafi in 2011. 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.