Chevron Corporation CVX has signed a memorandum of understanding (MoU) with the National Oil Corporation (“NOC”) to explore offshore opportunities in Libya. A Signal of Renewed Investor ConfidenceAfter years of political instability, civil conflict and foreign intervention, Libya’s oil and gas industry has struggled to attract consistent international investment. Since the civil war, Libya’s oil production has been highly unstable, plummeting from around 1.8 million barrels per day (bpd) to just 100,000 bpd in 2011. A Potential Turning Point for LibyaIf successful, the Chevron-NOC collaboration could pave the way for more international players to re-enter Libya’s energy market. While Archrock and California Resources sport a Zacks Rank #1 (Strong Buy) each at present, Nabors Industries carries a Zacks Rank #2 (Buy).

Source: Libya Today March 31, 2026 17:05 UTC