U.S.-headquartered energy giant Chevron has teamed up with Libya’s National Oil Corporation (NOC) for an oil study at an offshore block in Libyan waters.
NOC and Chevron have signed a memorandum of understanding (MoU) for an offshore oil study in Libya’s Block NC146 , according to Masoud Suleman , NOC’s Chairman and Engineer.
The duo plans to conduct a comprehensive technical study of the offshore block. NOC’s Chairman explains that the step marks a new beginning in assessing the promising offshore potential.
Block NC146 is described as an unexplored area with encouraging geological indicators that could lead to significant discoveries, helping to strengthen national reserves.
Suleman believes that partnering with a global company like Chevron will broaden NOC’s horizons for transferring advanced technology and applying best practices in offshore exploration.
He claims that this will support the Libyan player’s efforts to develop the country’s energy sector in a sustainable and secure manner.
The deal is interpreted to signify confidence in the Libyan investment environment and evidence of the return of major companies to work and explore promising opportunities in the country.
The deal with Chevron comes days after Eni disclosed two gas discoveries offshore Libya.