Libya’s National Oil Corporation (NOC) signed a Memorandum of Understanding (MoU) yesterday with American oil giant Chevron to conduct a joint study to evaluate the potential of unconventional shale oil and gas resources in several sedimentary basins within Libya.
According to the MoU, the study will cover three sedimentary basins: Sirte, Murzuq, and Ghadames. Technical teams from both sides will analyse available data and assess potential opportunities for developing the resources available in these basins.
Gas reserves of 123 trillion cubic feet and oil reserves of 18 billion barrels
Estimates indicate that gas reserves are estimated at approximately 123 trillion cubic feet, in addition to oil reserves of approximately 18 billion barrels. The NOC stated that this suggests promising potential that will bolster national reserves and enhance Libya’s role in energy markets.
On the signing, NOC Chairman, Masoud Suleiman, affirmed that this MoU is an exceptional step that will pave the way for other similar memoranda and agreements. Through a well-defined strategy, the NOC aims to support Libya’s oil and gas reserves, in parallel with its exploration efforts, in which it has already achieved remarkable success. Suleiman explained that this is the first joint study in Libya to assess unconventional resources.
Libyan cadres to work alongside Chevron’s staff
The NOC said what distinguishes this agreement is that it will allow national staff to work alongside Chevron’s American staff. This will support their practical field experience, open wide the doors for them to professional and technical development in this field and enable them to take on such tasks in the future independently.
