Chevron will sign a Memorandum of Understanding (MoU) with Libya as the North African nation seeks to attract foreign investment and increase national oil output. Prime Minister Abdulhamid al-Dbeibah announced the deal at the Libya Energy and Economy Summit in Tripoli. This MoU joins a larger set of agreements, including a 25-year deal secured with TotalEnergies and ConocoPhillips.
The agreement signals Chevron's interest in re-establishing a significant presence in Libya. The nation is recovering from years of instability and underinvestment in its energy sector.
Foreign investors are reportedly drawn by the region’s low-cost production. They also target untapped potential onshore and offshore in the Mediterranean. Specific terms of the MoU remain undisclosed.