Libya signs oil deal with Chevron
Libya signed a production sharing agreement with the American company "Chevron" to enhance the exploration and development of the country's oil and gas resources, following the company's winning of Exploration Area No. 106 in the Sirte Basin during the 2025 bidding round. The agreement aims to increase production from around 1.5 million barrels per day to a target of up to two million barrels per day, in order to strengthen the national economy and develop reserves, although the government did not disclose the value or duration of the agreement. This step comes as part of Libya's efforts to bolster the oil sector despite ongoing political and security challenges.
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