The 2025 Libyan Bid Round has won American major, Chevron, onshore Contract Area 106 located in the Sirte Basin
The country's National Oil Corporation has signed a memorandum of understanding (MoU) with the major's subsidiary, Chevron Business Development EMEA Ltd, in Tripoli to evaluate the development and exploration potential in the region.
“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,” said Kevin McLachlan, vice president of exploration at Chevron.
“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 award of the Contract Area is subject to the execution of a Production Sharing Agreement.
“Chevron 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’s energy sector,” said Frank Mount, President of Corporate Business Development.
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.
Chevron wins exploration contract onshore Libya
Libya has significant proven oil reserves.
