PHOTO
Libya’s National Oil Corporation (NOC) has entered into a memorandum of understanding (MOU) with US’ Chevron to conduct a joint technical study on unconventional shale oil and gas potential in the North African country.
The agreement will assess prospective resources in three key sedimentary basins: Sirte Basin, Murzuq Basin and Ghadames Basin, NOC said in a press statement on Tuesday.
Preliminary estimates cited in the statement indicate potential resources of 123 trillion cubic feet (tcf) of natural gas and 18 billion barrels of oil,
NOC said technical teams from both sides will review the available data and assess the potential for developing the resources in these areas.
NOC Chairman Masoud Suleman said the MoU marks an important milestone and is the first joint study in Libya focused on unconventional hydrocarbons. He added that the agreement could pave the way for similar partnerships in future.
Libya is targeting to raise oil production to 2 million barrels per day (bpd) and gas production to 1 billion cubic feet per day by 2030.
(Writing by Majda Muhsen; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
