Chevron Corporation (NYSE: CVX) by its subsidiary Chevron Business Development EMEA Ltd., has entered Libya after it was designated as a winning bidder in the 2025 Libyan Bid Round. This follows the signing of a Memorandum of Understanding (MoU) with the country\u2019s National Oil Corporation (NOC).<\/p>\n\n\n\n
Chevron was designated as the winning bidder for Contract Area 106 located in the Sirte Basin on February 11, 2026 in Libya\u2019s 2025 Bidding Round. On January 24, 2026 Chevron separately signed an MoU with NOC in Tripoli to evaluate the development and exploration potential onshore Libya.<\/p>\n\n\n\n
\u201cChevron is excited to enter Libya with the award of onshore Contract Area 106, which underscores our focus on North Africa and the Eastern Mediterranean region, and is a good fit in our exploration strategy to grow our portfolio with high-quality acreage and high impact prospects,\u201d said Kevin McLachlan, Vice President of Exploration at Chevron.<\/p>\n\n\n\n
\u201cLibya has significant proven oil reserves and a long history of producing its resources. Chevron is confident that its proven track record in developing oil and gas projects and its technical expertise gives it the ability to support Libya to further develop its resources.\u201d<\/p>\n\n\n\n
The award of the Contract Area is subject to the execution of a Production Sharing Agreement.<\/p>\n\n\n\n
\u201cChevron looks forward to our partnership with NOC and other key stakeholders in Libya. The Contract Area award and MoU are important milestones as we continue to evaluate opportunities to support Libya\u2019s energy sector,\u201d said Frank Mount, President of Corporate Business Development.<\/p>\n\n\n\n
Chevron has a diverse exploration and production portfolio in the Mediterranean and Africa and continues to assess potential future opportunities in the region. Chevron is one of the largest producers and acreage holders in Nigeria, Angola and Equatorial Guinea. It has two exploration blocks each in Namibia and Guinea-Bissau, and three exploration blocks in Egypt. In February, Chevron also signed an MoU in Syria.<\/p>\n","protected":false},"excerpt":{"rendered":"