Chevron CEO Mike Wirth has confirmed that the company is in talks with the Libyan and Iraqi governments to assess expansion opportunities in the oil sector, both through existing producing fields and new exploration opportunities.
It was reported that Wirth stated Chevron is exploring opportunities in Libya and Iraq as part of its efforts to find investment opportunities that will strengthen its portfolio of oil assets.
He indicated that Chevron needs a clear view of the viability of returns on investment before proceeding with any new commitments in Libya or Iraq, referencing the importance of stability and economic clarity in expansion decisions.
Chevron
Chevron is a major American multinational energy corporation, originally founded in 1879 as the Pacific Coast Oil Company in California. It grew through mergers, most notably with Standard Oil of California, and today is one of the world’s largest integrated oil and gas companies.
Libya
Libya is a North African country with a rich history rooted in ancient civilizations like the Phoenicians and Romans, followed by centuries of Arab and Ottoman influence. In the modern era, it was an Italian colony before gaining independence in 1951, later becoming known for Muammar Gaddafi’s lengthy rule from 1969 until the 2011 revolution. The country is home to UNESCO World Heritage sites, such as the ruins of Leptis Magna, which attest to its historical significance.
Iraq
Iraq, historically known as Mesopotamia, is often called the “Cradle of Civilization” as it was home to ancient Sumerian, Babylonian, and Assyrian empires, which pioneered writing, law, and urban development. Modern Iraq, established in the 20th century, is a country with a rich cultural heritage that includes significant archaeological sites like Babylon and Ur, though it has faced considerable conflict and political instability in recent decades.
Bloomberg
Bloomberg is a global financial data, software, and media company founded in 1981 by Michael Bloomberg. It is best known for its Bloomberg Terminal, a computer system that provides real-time financial market data and trading capabilities to professionals. The company’s headquarters in New York City, often referred to as “Bloomberg Tower,” is a notable architectural landmark.
NOC
NOC, or the National Oil Corporation, is the state-owned oil company of Libya, founded in 1970 to manage the country’s petroleum resources. It plays a central role in Libya’s economy, overseeing exploration, production, and export of oil and gas. Its operations and control have frequently been contested during periods of political instability and conflict in Libya since 2011.
