American energy giant Chevron has officially entered Libya through multiple strategic agreements, including winning Contract Area 106 in the Sirte Basin during the 2025 Libyan Bid Round and signing a separate Memorandum of Understanding with the National Oil Corporation to evaluate development and exploration potential onshore Libya. Chevron Business Development EMEA Limited was designated as the winning bidder for the Contract Area on February 11, 2026, while the MoU was signed on January 24, 2026, in Tripoli.
Kevin McLachlan, Vice President of Exploration at Chevron, expressed excitement about the entry into Libya, noting it underscores the company’s focus on North Africa and the Eastern Mediterranean region and represents a good fit in their exploration strategy to grow their portfolio with high-quality acreage and high-impact prospects. McLachlan emphasized Libya’s significant proven oil reserves and long history of resource production, expressing confidence that Chevron’s proven track record in developing oil and gas projects and its technical expertise position the company to support Libya in further developing its resources.
Frank Mount, President of Corporate Business Development, described the Contract Area award and MoU as important milestones as the company continues to evaluate opportunities to support Libya’s energy sector. The award of the Contract Area is subject to the execution of a Production Sharing Agreement. Chevron maintains a diverse exploration and production portfolio in the Mediterranean and Africa, ranking as one of the largest producers and acreage holders in Nigeria, Angola, and Equatorial Guinea, with exploration blocks in Namibia, Guinea-Bissau, and Egypt. In February, Chevron also signed an MoU in Syria, expanding its regional footprint.
Source: energy-pedia.com