In a major return to North Africa, Chevron was designated as the winning bidder for Contract Area 106 in Libya’s onshore Sirte Basin on 11 February 2026. This marks the company’s first entry into the Libyan energy sector since exiting in 2010.
Contract Area 106 (also referred to as Sirte S4), located in the Sirte Basin, Libya’s most prolific oil-producing region.
Winning Bidder: Chevron Business Development EMEA Ltd., a subsidiary of Chevron Corporation.
Part of the 2025 Libyan Bid Round, the country’s first public licensing round since 2007.
The award follows a Memorandum of Understanding (MoU) signed on 24 January 2026 between Chevron and Libya’s National Oil Corporation (NOC) .The move aligns with Chevron’s strategy to grow its portfolio in North Africa and the Eastern Mediterranean, complementing its existing operations in Egypt.
Area 106 is an approximately 7,000 square kilometre block in a high-potential zone that recently saw major discoveries.
The award supports Libya’s national target to boost crude production from approximately 1.4 million to 2 million barrels per day by 2028–2030.
Other Major Winners in the Round
Chevron was one of several global energy giants to secure acreage during this auction.
Eni & QatarEnergy Awarded Offshore Area 01.
Repsol Consortium Along with MOL (Hungary) and TPAO (Turkey), awarded Offshore Area 07.
Aiteo: The Nigerian independent won the Murzuq M1 license in the southern basin.
The finalization of Chevron’s award remains subject to the execution of a formal Production Sharing Agreement (PSA).
Note by Alessandro Bazzoni