Chevron Corporation, through its subsidiary Chevron Business Development EMEA, has been awarded Contract Area 106 in Libya’s Sirte Basin following the country’s 2025 bidding round.

The company previously signed a memorandum of understanding (MoU) with Libya’s National Oil Corporation (NOC) on 24 January 2026 in Tripoli, enabling the evaluation of onshore exploration and development opportunities in the country.

The award marks Chevron’s entry into Libya as part of its broader exploration growth strategy.

Final confirmation of the contract area award remains subject to the execution of a production sharing agreement (PSA).

The company maintains a varied exploration and production portfolio across Africa and the Mediterranean region.

It has assets in Angola, Equatorial Guinea and Nigeria, as well as multiple exploration blocks in Guinea-Bissau, Egypt and Namibia.

In addition to the activity in Libya, Chevron signed an MoU in Syria this month.

Chevron exploration vice-president Kevin McLachlan said: “Chevron 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.

“Libya 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.”

The company continues to seek growth opportunities within oil and gas while aiming to lower carbon intensity across its operations.

Earlier this week, Subsea7 secured a ‘substantial’ contract from Chevron for a subsea installation project in the Eastern Mediterranean.