US EditionLibya Awards New Oil, Gas Blocks to Chevron, Eni, Others in First ...
Libya's National Oil Corporation awarded licenses to major international firms aiming to boost production to 2 million barrels per day by 2028, leveraging reserves over 48 billion barrels.
- On its first licensing round in nearly two decades, Libya's National Oil Corporation awarded licences to Chevron, Eni S.p.A., Repsol S.A., QatarEnergy, and Aiteo , with Chevron securing the onshore Sirte S4 contract.
- Improved security since the 2020 ceasefire has drawn Western oil majors back to Libya, which holds over 48 billion barrels of high-quality oil.
- Offshore Area 01 was awarded to Eni S.p.A. and QatarEnergy while Offshore Area 07 went to a Repsol-led consortium, covering approximately 7,000 square kilometres.
- The awards signal a major push to revive Libya's hydrocarbon sector and could accelerate plans to boost output toward 2 million barrels per day by 2028, while attracting foreign capital from international and regional oil firms.
- Chevron's return reflects its Africa-focused exploration strategy, aligned with its 2010 exit, while a late-2025 OMV AG discovery in onshore Area 106 has renewed Sirte Basin momentum.
24 Articles
24 Articles
Libya Awards First Oil Blocks In 20 Years to Chevron and Europe’s Oil Majors
Libya's state-owned National Oil Corporation (NOC) has announced U.S. Oil & Gas major Chevron (NYSE:CVX) among the winners of its first oil and gas licensing round in nearly two decades, signaling a major push to revive the country's hydrocarbon sector. The bidding round also awarded exploration and production rights to several foreign companies, including Italy’s Eni S.p.A. (NYSE:E), Spain’s Repsol S.A. (OTCQX:REPYY), QatarEnergy and Nigeria’s …
One News Page
City AMChevron Enters Libya With New Block Award as Part of Broader Exploration Growth Strategy
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’s National Oil Corporation ...
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