Libya's National Oil Company (NOC) signed a production-sharing agreement with US energy giant Chevron on 24 August, covering the joint exploitation of a block in the Sirte Basin (a major oil-producing region in central Libya). The deal, concluded following an international tender, aims to raise Libya's oil output from its current 1.5 million barrels per day to 2 million by 2030 — a significant ambition for a country that holds Africa's largest proven oil reserves at 48 billion barrels. The agreement signals a gradual return of international oil majors to Libya, though progress remains limited: of the 20 Libyan oil blocks opened to foreign partnerships, only five have attracted takers, as persistent political instability — with rival administrations splitting power between the country's east and west for over 15 years — continues to deter broad international investment.