Chevron has signed a memorandum of understanding with Libya’s National Oil Corporation for an offshore oil study at Block NC146 in Libyan waters.

NOC Chairman Masoud Suleman said the agreement covers a comprehensive technical study of the offshore block. He described the step as a new beginning in assessing offshore potential in the area.

Block NC146 is described as an unexplored area with encouraging geological indicators that could lead to significant discoveries and help strengthen national reserves.

Suleman said cooperation with a global company such as Chevron would broaden NOC’s horizons in transferring advanced technology and applying best practices in offshore exploration. He added that this would support efforts to develop Libya’s energy sector in a sustainable and secure manner.

Suleman also said the deal reflects confidence in Libya’s investment environment and shows the return of major companies to work and explore promising opportunities in the country.

The agreement came days after Eni disclosed two gas discoveries offshore Libya.