Libya’s National Oil Corporation (NOC) announced late Thursday that it has entered into a memorandum of understanding with American energy major Chevron to carry out technical studies on the offshore “NC 146” block. The agreement marks a significant step in efforts to attract international investment back to Libya’s energy sector, which has faced years of instability following the country’s political fragmentation. Energy landscape shifts amid regional competitionThe Chevron deal comes as global energy majors reassess their presence in North Africa and the Mediterranean basin, where competition for offshore hydrocarbon resources has intensified. Türkiye, which maintains its own strategic energy partnerships across the region, continues to expand cooperation with Libya through separate agreements in the Eastern Mediterranean. Ankara has consistently emphasized the importance of stability and mutually beneficial energy frameworks, viewing Libya’s development as integral to broader regional economic and security dynamics.

Source: Libya Today March 27, 2026 06:10 UTC