Libya’s National Oil Corp. (NOC) has awarded new oil and gas exploration rights to five foreign firms, including US oil major Chevron, aiming to revive the country’s oil and gas sector after nearly two decades of stagnation.
The winners of the first licensing round since 2007 are: Chevron, Nigeria’s Aiteo, Africa’s largest privately-owned energy company, Spain’s Repsol with British Petroleum, Repsol with Hungary’s MOLGroup, Eni North Africa with QatarEnergy and Turkiye Petrolleri.
NOC Chairman Engineer Masoud Suleman said the success of this round of bidding marks a turning point in the development of the Libyan oil sector.
He noted that attracting international companies to the sector will double Libya’s crude oil production, leading to an economic revival, while also safeguarding the country’s crude oil reserves.
Oil exploration in Libya has been halted for more than 17 years, but was revitalised in 2025 through a bidding round that invited several major countries to present an investment opportunity in 20 blocks: nine offshore and 11 near Libyan territories.
Libya currently produces around 1.5 million barrels a day, but it holds Africa’s largest oil reserves at an estimated 48.4 billion barrels.
Chevron’s licence covers Contract Area 106, located in the Sirte Basin. The award is still subject to the execution of a production sharing agreement.
Chevron Vice President of Exploration 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.”
