Chevron Corporation has officially entered Libya after being named the winning bidder for Contract Area 106 in the country’s 2025 licensing round.
The exploration block is located in the Sirte Basin, one of Libya’s most established oil-producing regions.
Chevron secured the block through its subsidiary, Chevron Business Development EMEA Ltd., following Libya’s 2025 bid round announcement on February 11, 2026.
Prior to the award, the company signed a Memorandum of Understanding (MoU) with Libya’s National Oil Corporation (NOC) on January 24, 2026, to evaluate onshore exploration and development opportunities.
The contract award remains subject to the signing of a Production Sharing Agreement.
Chevron executives described the move as a strategic fit for the company’s exploration portfolio.
Libya holds significant proven oil reserves and has a long history of hydrocarbon production, making it an attractive destination for international energy companies.
The company said it looks forward to working with NOC and other stakeholders as it assesses the potential of Contract Area 106 and broader opportunities in Libya’s energy sector.
Chevron already maintains a strong presence across Africa and the Mediterranean. It is one of the largest producers and acreage holders in Nigeria, Angola and Equatorial Guinea, and holds exploration blocks in Namibia, Guinea-Bissau and Egypt.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
