A delegation from Libya’s National Oil Corporation (NOC) met with US-based Chevron in London to discuss technical and investment cooperation in oil and gas.
The NOC delegation presented its strategic vision to increase national production capacity through partnerships with experienced international firms. They highlighted specific untapped exploration areas and undeveloped oil discoveries requiring evaluation.
The NOC revealed significant potential resources, including an estimated 4 billion barrels of undeveloped oil reserves, 18 billion barrels of shale oil, and 123 trillion cubic feet of natural gas.
Chevron’s team head expressed a serious interest in returning to the Libyan market after an absence since the last oil bidding round a decade ago. The company will study the NOC’s offers for review by its senior management.
This meeting is part of the NOC’s efforts to build international partnerships and attract investments to develop the sector’s infrastructure and increase state oil revenues.