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Chevron Enters Libya With New Block Award as Part of Broader Exploration Growth Strategy
Chevron (NYSE: CVX) has officially entered Libya’s oil and gas sector by being designated a winning bidder in the 2025 Libyan Bid Round for Contract Area 106 in the Sirte Basin. This move follows the signing of a Memorandum of Understanding with Libya’s National Oil Corporation (NOC) and expands Chevron’s exploration strategy in North Africa and the Eastern Mediterranean. The company aims to leverage its expertise to support Libya in developing its significant proven oil reserves, with the final award contingent on the execution of a Production Sharing Agreement.