Libya’s NOC, Chevron sign MoU for technical study for offshore Block NC146

The National Oil Corp. of Libya (NOC) signed a memorandum of understanding (MoU) with Chevron Corp. to conduct a comprehensive technical study of offshore Block NC146.

The block is an unexplored area with “encouraging geological indicator that could lead to significant discoveries, helping to strengthen national reserves,” NOC noted Chairman Masoud Suleman as saying, noting that the partnership is “a message of confidence in the Libyan investment environment and evidence of the return of major companies to work and explore promising opportunities in our country.”

According to the NOC, Libya produces 1.4 million b/d of oil and aims to increase oil production in the coming 3-5 years to 2 million b/d and then to 3 million b/d following years of instability that impacted the country's production.  

Chevron is working to add to its diverse exploration and production portfolio in the Mediterranean and Africa and continues to assess potential future opportunities in the region. 

The operator earlier this year entered Libya after it was designated as a winning bidder for Contract Area 106 in the Sirte basin in the 2025 Libyan Bid Round. That followed the January 2026 signing of a MoU with NOC in Tripoli to evaluate the development and exploration potential onshore Libya.