Libya’s NOC signs oil sharing deal with Chevron

The National Oil Corporation of Libya has signed an Production Sharing Agreement with American company Chevron, aimed at enhancing the exploration and development of the country’s oil and gas resources and increasing production. This step is part of Libya’s efforts to attract significant international investments totaling approximately $40 billion, with the goal of raising oil production from 1.4 million barrels per day to two million barrels by 2030, and to exploit more than 60 unexplored fields. This agreement comes after Libya granted exploration licenses to global companies and is part of the country's strategy to revitalize its oil sector, which has been affected by political and security unrest.

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