A shift that will change the continent's energy map: Libya is searching for shale oil.
shale oil in Libya
Written by: Ayman Ragab
Libya is seeking to explore unconventional oil and shale gas resources, having signed a memorandum of understanding with a company “Chevron”"The American side in this regard.".
Memorandum of Understanding for Shale Oil Extraction
The memorandum of understanding aims to conduct a joint study between the two sides to assess the potential of unconventional shale oil and gas resources in a number of sedimentary basins in the country, according to the Libyan National Oil Corporation.
The research is planned to cover the basins of Sirte, Murzuq, and Ghadames, where it will focus on Artistic teams Both sides are analyzing the data and assessing potential opportunities for developing the resources available in these basins.
Libya has high hopes for this step, as estimates hover around 123 trillion cubic feet of gas reserves, in addition to approximately 18 billion barrels of oil reserves.
Supporting the Libyan reserve
For its part, the Libyan authorities intend to sign other similar memoranda and agreements aimed at supporting Libya’s oil and gas reserves, while the Libyan National Oil Corporation looks forward to increasing its production to two million barrels per day over the next five years, compared to about 1.4 million barrels currently.
It is worth noting that the American company, which is one of the world's largest companies in the integrated energy sector, won a deal last February to explore the Sirte Basin.
Chevron is active in oil and gas production and the manufacture of petroleum derivatives, as well as developing renewable energy projects and reducing emissions in its operations.
