• NOC signs deal with Chevron to study offshore block NC146

• No drilling planned yet; focus remains on technical assessment

• Move reflects Libya’s renewed push into offshore oil exploration

Libya’s National Oil Corporation (NOC) said on March 26 it had signed an agreement with U.S. oil major Chevron to carry out a study of offshore block NC146, located off the country’s coast.

The deal focuses on conducting technical and geological assessments to evaluate the block’s hydrocarbon potential. At this stage, no drilling or investment decision has been made. The findings are expected to guide future exploration steps and potentially help expand Libya’s oil reserves.

NOC Chairman Masoud Suleman said the block remains largely unexplored but pointed to “encouraging geological indicators” that could lead to discoveries, without providing specific estimates. Chevron will contribute offshore exploration expertise and deploy technologies aligned with international standards.

The agreement is part of a broader effort by Libya to revive oil exploration, particularly offshore. The NOC has signaled plans to develop new offshore areas and attract international partners as it prepares a new licensing round.

Offshore as a new growth driver

The Chevron agreement builds on a broader strategic shift toward offshore development. In June 2025, authorities had already placed offshore oil at the center of Libya’s energy strategy.

According to NOC data released in January 2026, Libya has launched its first deepwater exploration well, marking a technical milestone in a segment that has remained largely underdeveloped.

The national oil company said the project was carried out in partnership with international firms, whose expertise is critical given the technical and financial complexity of deepwater operations.

The results of Chevron’s study will help determine the next phase, including whether to move toward more advanced exploration activities.

Libya’s oil production currently stands at about 1.4 million barrels per day. Authorities are targeting an increase to around 1.6 million barrels per day by the end of 2026 to offset declines in some onshore fields. As part of this effort, Libya signed a 25-year agreement in late January 2026 with TotalEnergies and ConocoPhillips.

Abdel-Latif Boureima