Libya’s National Oil Corporation (NOC) has signed a memorandum of understanding with US supermajor Chevron to conduct technical studies on one of the country’s offshore blocks. The memorandum of understanding between the two parties covers the preparation of a comprehensive technical study for the NC 146 offshore block. This comes at a time when Libya’s oil sector is attempting to boost national reserves. This move could spark the return of international investments to Libya’s energy sector, which has been hit by years of instability following two civil wars, foreign intervention, and the eventual fall of Muammar Gaddafi. In a statement, NOCs chairman, Mesud Suleiman, said the block holds substantial potential to strengthen Libya’s national reserves and yield significant discoveries. He added that the partnership was more than a technical arrangement, calling it “a message of confidence in Libya’s investment environment and evidence of the return of major companies to explore and operate in promising opportunities” in the country. Through this deal, Chevron is widening its net of partners. Last month, the US firm signed a memorandum of understanding with Turkey’s TPAO. At the time, it was said that the agreement would contribute to TPAO’s vision to transform the company into a global force with a production capacity of 1m barrels. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsLibya United States