Libya's NOC Signs Deal with Chevron to Boost Oil Production

The National Oil Corporation (NOC) of Libya has signed a production-sharing agreement with US energy company Chevron. This move aims to attract investment and increase oil production in the country, which remains heavily dependent on oil and gas for government revenue and foreign exchange.

NOC Chairman Masoud Suleiman described the agreement as an important step towards exploring and developing Libya's hydrocarbon resources. He emphasized that it would strengthen partnerships with major international energy companies and introduce 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. The country's energy sector requires significant investment and technological upgrades to modernize infrastructure and increase production.