Shell to submit final Libya oil and gas exploration study by end-May

Libya’s National Oil Corporation (NOC has announced progress in discussions with the British energy major Shell (LSE:SHEL) for future exploration and production projects in Libya, the Libya Herald reported on May 17, quoting NOC head Masoud Suleiman. 

Suleiman said he had met with Shell officials alongside several directors from the NOC’s technical departments and the Chairman of the Arabian Gulf Oil Company (AGOCO). The meeting formed part of ongoing follow-up work linked to the Memorandum of Understanding (MoU) signed between the NOC and Shell in 2025. Discussions focused on strengthening cooperation in oil and gas exploration and production.

The joint efforts focus on redeveloping mature hydrocarbon assets, including the Al-Atshan field and implementing advanced enhanced oil recovery technologies to help raise the country's crude output.

During the talks, Shell presented the preliminary results of a technical study currently being conducted under the agreement. The study covers several significant oil and gas fields and aims to evaluate their technical potential and identify opportunities to increase production.

Suleiman said that Shell confirmed the study is now in its final stages and that it expects to submit its completed report by the end of May 2026. The findings are expected to support the NOC’s strategy to raise production capacity and improve the exploitation of Libya’s hydrocarbon reserves.

The two sides also reviewed technical matters related to exploration and development programmes, including ways of utilising Shell’s expertise and advanced technologies to support the delivery of high-quality energy projects.

NOC  has launched an aggressive revitalisation strategy backed by billions in infrastructure investments, aiming to raise crude production from its current 1.3mn barrels per day to 1.6mn by the end of 2026, with a longer-term target of 2mn barrels per day by 2030.