Libya’s NOC and Chevron Sign MoU to Assess Shale Oil and Gas Resources
Libya – The National Oil Corporation has signed a memorandum of understanding with U.S. energy company Chevron to conduct a joint study aimed at assessing Libya’s unconventional oil and shale gas resources in several sedimentary basins across the country.
Study to Cover Three Sedimentary Basins
Under the terms of the MoU, the study will cover three major sedimentary basins: Sirte, Murzuq and Ghadames. Technical teams from both sides will work on analyzing available data and assessing potential opportunities to develop resources within these basins.
Promising Estimates for Gas and Oil Resources
Preliminary estimates indicate that Libya’s unconventional gas resources could reach around 123 trillion cubic feet, in addition to nearly 18 billion barrels of oil, pointing to promising potential that could support national reserves and strengthen Libya’s role in global energy markets.
An Exceptional Step to Support Libya’s Reserves
On the occasion, NOC Chairman Masoud Suleiman said the memorandum represents an exceptional step and could pave the way for similar memoranda and agreements in the future.
He added that the move falls within a carefully planned strategy aimed at supporting Libya’s oil and gas reserves, in parallel with ongoing exploration efforts in which the NOC has achieved notable success.
First Joint Study of Unconventional Resources in Libya
Suleiman explained that this is the first joint study in Libya to assess unconventional resources, noting that the agreement will allow Libyan national cadres to work side by side with Chevron’s American experts.
He said this would strengthen their practical field experience, open the door for professional and technical development in this area, and enable them to undertake similar tasks independently in the future.
U.S. Embassy Welcomes Growing Partnership
The U.S. Embassy in Libya also commented on the signing of the MoU. Chargé d’Affaires Jeremy Berndt said he was “very pleased” to join NOC Chairman Masoud Suleiman and Chevron representatives in Tripoli for the signing of a memorandum of understanding to assess Libya’s unconventional shale oil and gas resources.
Berndt added that the growing partnership between Libya’s oil sector and U.S. energy companies would contribute to prosperity and create economic opportunities for both countries.
