TRIPOLI, April 28 (Xinhua) -- Libya's National Oil Corporation (NOC) has signed a memorandum of understanding with U.S. oil giant Chevron to conduct a joint study on unconventional oil and shale gas resources.
In a statement released on Tuesday, the NOC said the study will cover several of the country's sedimentary basins, including Sirte, Murzuq and Ghadames, with technical teams from both sides analyzing available data and evaluating development prospects.
Preliminary estimates indicate the presence of around 123 trillion cubic feet of gas and nearly 18 billion barrels of oil, suggesting strong potential to bolster national reserves and strengthen Libya's position in global energy markets.
NOC Chairman Masoud Suleman said that the study is the first of its kind in Libya to assess unconventional resources and that the cooperation will help national personnel gain advanced practical expertise and enhance their technical capabilities to carry out such projects independently in the future.
Oil and gas exports remain Libya's main source of revenue, though the sector has faced setbacks in recent years due to domestic conflicts and political instability. ■
