Chevron wins Libya onshore oil exploration bid    

Chevron Corp. has secured a foothold in Libya’s upstream sector after being named the winning bidder for an onshore exploration block in the country’s 2025 licensing round. 

The U.S. oil major, through its subsidiary Chevron Business Development EMEA Ltd., was awarded Contract Area 106 in the Sirte Basin, Libya’s main oil-producing region.

The designation was confirmed on Feb. 11, 2026, following a separate memorandum of understanding signed with Libya’s National Oil Corp. in Tripoli on Jan. 24. 

The agreement clears the way for Chevron to assess exploration and development prospects onshore, as Libya works to attract foreign investment to revive output after years of political instability.

Chevron wins Sirte Basin block

Contract Area 106 sits in the Sirte Basin, which accounts for a significant share of Libya’s oil production. The award remains subject to the execution of a production sharing agreement, a standard framework governing foreign operators in Libya. 

“Chevron is pleased to enter Libya with the award of onshore Contract Area 106,” Kevin McLachlan, the company’s vice president of exploration, said in a statement. He said the block aligns with Chevron’s focus on North Africa and the Eastern Mediterranean and fits within its broader exploration plans. 

Libya holds Africa’s largest proven oil reserves and has long relied on crude exports as the backbone of its economy.

Output has been volatile over the past decade, disrupted by conflict and blockades, though authorities have sought to stabilize production and draw international partners back into the sector. 

McLachlan said Chevron’s experience in developing oil and gas projects could support Libya’s efforts to expand and modernize its energy industry.

Expanding North Africa footprint 

Frank Mount, president of corporate business development at Chevron, described the award and the earlier memorandum as “important steps” as the company evaluates opportunities in Libya. 

“We look forward to working with NOC and other stakeholders in Libya,” Mount said. 

Chevron already has a broad exploration and production presence across Africa and the Mediterranean. The company is among the largest producers and acreage holders in Nigeria, Angola and Equatorial Guinea.

It also holds exploration interests in Namibia, Guinea-Bissau and Egypt. In February, Chevron signed a separate memorandum of understanding in Syria. 

The Libya award adds to that portfolio at a time when global energy companies are weighing new investment in frontier and returning markets, balancing geological promise against political and security risks. 

Chevron expands oil, low-carbon focus 

Chevron is one of the world’s largest integrated energy companies, producing crude oil and natural gas and manufacturing fuels, lubricants and petrochemicals.

In recent years, it has said it aims to grow its core oil and gas business while reducing the carbon intensity of its operations and investing in lower-carbon energy technologies. 

For Libya, the entry of a major U.S. producer marks another test of its push to rebuild investor confidence and lift production capacity.

For Chevron, it represents a renewed bet on North Africa’s resource base — and on the country’s ability to provide a stable operating environment in the years ahead.