Libya NOC, Chevron Sign Energy Pact

Libya’s state-owned National Oil Corporation (NOC) signed a production-sharing agreement with US energy firm Chevron on Monday to explore and develop resources in the Sirte Basin.

The deal, stemming from an international tender launched in 2025, grants Chevron access to the block it won in February and allows the NOC to leverage the company’s technological expertise.

Both parties emphasised the strategic importance of the partnership following the announcement.

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NOC officials stated the deal will “support the exploration and development of Libya’s resources” while strengthening the national economy.

Libya NOC and Chevron sign energy pact (News Central TV) — Libya NOC and Chevron sign an energy pact. Credit: Reuters

Chevron confirmed the Sirte Basin agreement, adding that it “looks forward to working with NOC and other key stakeholders in Libya.”

The oil-rich nation relies heavily on petroleum exports for revenue and currently produces 1.5 million barrels per day.

The NOC aims to boost that figure to two million barrels per day, even as political division persists between the UN-recognised government in Tripoli and a rival eastern administration.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.