Libya’s National Oil Corporation (NOC) has entered a memorandum of understanding with US energy giant Chevron to conduct technical studies on the offshore “NC 146” block. The move highlights growing international interest in Libya’s oil sector, which is seeking to rebuild after years of political instability.

NOC Chairperson Mesud Suleiman described the agreement as a comprehensive evaluation of the offshore area, noting its potential to boost national oil reserves and deliver major discoveries.

He emphasized that the partnership represents more than technical collaboration, framing it as a strong sign of confidence in Libya’s investment climate and a signal that major companies are returning to explore opportunities in the country.

The Chevron deal comes as global energy firms reassess their strategies in North Africa and the Mediterranean amid growing competition for offshore hydrocarbon resources.

Türkiye has also expanded its energy partnerships with Libya in the Eastern Mediterranean, maintaining that stable and mutually beneficial energy agreements are essential for regional security and economic growth.

This latest development reinforces Libya’s efforts to position itself as a reliable partner for foreign investors, despite ongoing political and security challenges, and could pave the way for further offshore exploration and investment in the country’s oil sector.