TRIPOLI, Aug. 24 (Xinhua) -- Libya's National Oil Corporation (NOC) on Monday signed a production-sharing agreement with Chevron, NOC Chairman Masoud Suleiman said.
In a post on his official Facebook page, Suleiman said the agreement marked an important step in exploring and developing Libya's resources and strengthening partnerships with major international companies.
He said the NOC expects the deal to help boost production and investment and bring advanced expertise and technologies to exploration and field development.
The agreement follows the NOC's 2025 bidding round, which sought to attract international oil companies to invest in the exploration and development projects of Libya's hydrocarbon resources.
Libya relies heavily on its oil and gas sector for public revenues and foreign currency, while its energy sector needs further investment and technology to upgrade infrastructure and boost production. ■