Libya NOC reaches production-sharing deal with Chevron

Libya's state-owned oil company NOC has announced a production-sharing agreement with Chevron for an area in the Sirte Basin, in a deal linked to an international tender process.

NOC said the agreement would support exploration and development of Libya's resources and allow it to use Chevron's expertise and technology. Chevron confirmed the deal and said it looked forward to working with NOC and other stakeholders in Libya.

The block was awarded to Chevron in February as part of an international tender launched in 2025. NOC said the new agreement was intended to boost production and support Libya's economy.

Libya currently produces 1.5 million barrels of oil per day and aims to raise output to two million barrels per day. The country has Africa's largest oil reserves, but remains split between the UN-recognised administration in Tripoli and a rival government in the east backed by military commander Khalifa Haftar.