In a move that could dramatically reshape Libya’s energy future, the National Oil Corporation (NOC) has signed a Memorandum of Understanding with American oil giant Chevron to jointly evaluate the country’s unconventional shale oil and gas resources across three of its major sedimentary basins.
The agreement covers the Sirte, Murzuq, and Ghadames basins, where technical teams from both organisations will analyse available geological data and assess development opportunities. Preliminary estimates point to gas reserves of approximately 123 trillion cubic feet and oil reserves of around 18 billion barrels — figures that, if confirmed, would substantially bolster Libya’s national reserves and strengthen its position in global energy markets.
NOC Chairman Masoud Suleiman described the deal as an exceptional first step in a broader strategy to diversify Libya’s hydrocarbon base beyond conventional reserves. “This MoU is an exceptional step that will pave the way for other similar memoranda and agreements,” he said. Suleiman noted that this is the first joint study in Libya specifically designed to assess unconventional resources, marking a new frontier for a country whose energy sector has long depended almost entirely on conventional oil production. NOC said the agreement represents a key step in advancing Libya’s energy sector and expanding exploration into new resource categories.
Source: Libya Herald | Libya Observer