Chevron And NOC Sign Deal To Evaluate Shale Oil And Gas Resources

The National Oil Corporation (NOC) signed a memorandum of understanding (MoU) with Chevron to conduct a joint study assessing the potential of unconventional shale oil and gas resources in several sedimentary basins across Libya.

Under the MoU, the study will focus on three sedimentary basins: Sirte, Murzuq, and Ghadames. Technical teams from both sides will review the available data and assess the potential for developing the resources in these areas.

Estimates suggest the gas reserves could be around 123 trillion cubic feet, alongside oil reserves of about 18 billion barrels. If confirmed, this points to strong potential to strengthen Libya’s national reserves and further boost its role in global energy markets.

On this occasion, NOC Chairman Engineer Masoud Suleman said the MoU is an important step that could open the door to similar agreements in the future. He added that, through a clear strategy, NOC aims to strengthen Libya’s oil and gas reserves alongside its ongoing exploration efforts, efforts that have already delivered notable results.

As Engineer Masoud Suleman explained, this is the first joint study in Libya to assess unconventional resources. What distinguishes this agreement is that it will allow our national staff to work alongside Chevron’s American staff, which will certainly support their practical field experience, open wide the doors for them to professional and technical development in this field, and enable them to take on such tasks in the future independently.