Libya’s Nationwide Oil Corp (NOC) mentioned Thursday it has entered right into a memorandum of understanding with Chevron Corp to conduct a “technical research” of an unexplored space within the waters of the North African nation.
Block NC146 has “encouraging geological indicators that might result in vital discoveries”, NOC mentioned on its web site, attributing the assertion to its chair, Masoud Suleman.
“[T]his partnership isn’t merely a technical settlement however fairly a message of confidence within the Libyan funding setting and proof of the return of main corporations to work and discover promising alternatives in our nation”, NOC mentioned, citing Suleman.
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“[P]artnering with a worldwide firm the dimensions of Chevron will broaden NOC’s horizons for transferring superior expertise and making use of finest practices in offshore exploration”, NOC mentioned, citing its chair.
Final month Chevron mentioned it had received an onshore block beneath Libya’s 2025 bidding spherical, marking its entry into the nation. Contract Space 106 is within the Sirte Basin.
“Libya has vital confirmed oil reserves and an extended historical past of manufacturing its sources”, Chevron vp for exploration Kevin Mclachlan mentioned in a web-based assertion February 11.
Elsewhere within the Mediterranean, Chevron and Greece’s Helleniq Vitality Holdings SA mentioned February 16 they’ve collectively entered into lease agreements to discover 4 blocks on Greece’s facet of the ocean.
Two of the blocks are within the south of the island of Crete, South Crete 1 and South Crete 2, and two are within the Peloponnese peninsula, Block A2 and South of Peloponnese. The areas cowl about 47,000 sq. kilometers (18,146.79 sq. miles) in complete, in response to Helleniq Vitality.
The agreements present for a three-phase exploration program, the Athens-based built-in vitality firm mentioned.
“The goal areas lie in ultra-deepwater settings – some past 1,500 meters [4,921.26 feet] of sea depth – with advanced geological buildings”, Helleniq Vitality added.
Chevron mentioned, “Beneath the phrases of the lease agreements, the consortium will full 2D and 3D seismic exploration work applications in part one of many leases, to evaluate the hydrocarbon potential of the areas”.
Mclachlan mentioned, “That is one other necessary milestone for Chevron as we proceed constructing momentum within the Mediterranean area, an space the place we have already got a big place and are actively pursuing exploration alternatives to additional strengthen and broaden our portfolio”.
Chevron owns a 70 p.c working stake within the consortium. Helleniq Vitality holds 30 p.c.
Additionally in February Chevron secured memorandums of understanding to “consider alternatives” in Turkiye and Syria, in response to the corporate.
On the Israeli facet, Chevron operates two pure gas-producing fields, Leviathan and Tamar. In January Chevron and its native companions agreed on a $2.36-billion closing funding choice for stage 1 of a venture to boost manufacturing in Leviathan.
Anticipated to start out manufacturing within the second half of 2029, the primary stage of Part 1B goals to extend capability to about 21 billion cubic meters (741.61 billion cubic ft) a 12 months, consortium member NewMed Vitality LP mentioned in a inventory submitting January 16. On August 21, 2025 NewMed Vitality mentioned the Vitality and Infrastructures Ministry had authorised Part 1B.
Within the Cypriot sector of the Mediterranean, Chevron is creating the Aphrodite fuel discipline. The corporate and its companions sanctioned the venture’s front-end engineering design late final 12 months, as introduced by companion NewMed Vitality December 23, 2025.
Within the Egyptian Mediterranean, Chevron operates the Nargis and North El Dabaa exploration blocks, in addition to owns a non-operating stake within the North Cleopatra exploration block.
To contact the creator, e mail jov.onsat@rigzone.com
