Libya Signs Chevron Deal to Assess 123 Trillion Cubic Feet Gas Reserves

Libya’s National Oil Corporation (NOC) has signed a Memorandum of Understanding (MoU) with Chevron to jointly evaluate the scale and commercial viability of the country's unconventional shale oil and gas resources.

Key Highlights

• Massive Potential: Preliminary NOC estimates suggest Libya’s sedimentary basins could contain a staggering 123 trillion cubic feet of natural gas and 18 billion barrels of oil.

• Scope of Work: The partnership will focus on executing comprehensive technical studies to assess these untapped unconventional energy resources.

• Future Infrastructure: The data gathered will be critical in guiding future development decisions and potentially opening new avenues for large-scale energy production.

  
  

  The Bottom Line

This partnership marks a significant milestone in Libya's post-instability recovery, reflecting renewed confidence from international supermajors and positioning the country to become a major player in the global shale energy market alongside its conventional production.

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