Chevron in Advanced Talks to Return to Libya’s Oil Sector After Years-Long Absence
US energy giant shows strong interest in Libya’s untapped $4 billion reserves
Major US energy company Chevron is in active discussions with Libya’s National Oil Corporation (NOC) about returning to the North African nation’s oil and gas sector, marking a potential significant comeback for international investment in the country. The talks center around cooperation in oil and gas exploration and production, with Chevron expressing strong interest in re-entering the Libyan market.
During recent high-level meetings, NOC executives presented a comprehensive strategic plan designed to boost national oil output through partnerships with international companies. The plan highlights Libya’s vast untapped potential, including approximately 4 billion barrels of undeveloped oil reserves, 18 billion barrels of shale oil, and 123 trillion cubic feet of natural gas.
Chevron has confirmed it will review NOC’s detailed proposals for consideration by senior management, signaling serious intent to return to a market it previously operated in before political instability forced many international companies to withdraw.
The discussions form part of NOC’s broader strategy to attract foreign investment and unlock Libya’s unconventional hydrocarbon resources while expanding the country’s production capacity. The corporation is simultaneously working to strengthen Libya’s energy infrastructure to support sustainable sector growth.
Libya’s vast untapped resource base presents enormous opportunities for investment and development, potentially transforming the country’s energy sector if political stability continues and international partnerships materialize.
Source: energycapitalpower.com
