Libya’s state National Oil Corporation (NOC) revealed today that it had held a coordination meeting in London with US oil giant Chevron Corporation to discuss technical and investment cooperation in the oil and gas sector.
The NOC was represented at the meeting by a delegation assigned by the Board of Directors, including the Board Member for Exploration and Production, the Board Member for Projects, Investment, and Occupational Safety, and the Director of Exploration and Investment.
The two parties also discussed opportunities to develop untapped reservoirs, utilize unconventional hydrocarbon resources, and discoveries with high temperatures and pressures.
The Board Member for Exploration and Production reviewed the NOC’s strategic vision for increasing national production capacity and maintaining production rates through partnerships with international companies that possess the necessary technical expertise and financial capabilities.
The Director of Exploration gave a visual technical presentation, highlighting exploration blocks not included in previous licensing rounds, as well as undeveloped oil discoveries that require careful geological and economic evaluation.
Undeveloped reserves estimated at 4 billion barrels of oil
The Board Member for Projects, Investment, and Occupational Safety pointed out that the size of undeveloped reserves is estimated at 4 billion barrels of oil, in addition to unconventional resources, including approximately 18 billion barrels of shale oil and 123 trillion cubic feet of natural gas, representing a promising opportunity for long-term investment.
Chevron has serious interest in returning to Libya
For his part, the head of the Chevron team confirmed that the company is showing serious interest in returning to the Libyan market after an absence since the last oil tender in the past decade and resuming its exploration and production activities. He indicated that the offers submitted by the NOC will be subject to study and evaluation by the company’s senior management.
The NOC said this step comes within the framework of its efforts to strengthen international partnerships and attract quality investments that contribute to developing the sector’s infrastructure and increasing the country’s oil revenues.
