New York, February 19, 2026 – American company Chevron expressed its satisfaction with entering the Libyan market, following its successful bid for an onshore exploration block in the 2025 Libyan licensing round.
The company stated that Chevron is “pleased to enter the Libyan market with the award of this onshore exploration block, which complements our strategy to grow our portfolio with high-quality assets and high-impact opportunities.”
The company won the contract for Area (106) in the Sirte Basin following the public bidding round held on February 11. Additionally, on January 24, 2026, it signed a memorandum of understanding with the National Oil Corporation to assess development and exploration potential in Libya.
Chevron is one of the world’s leading integrated energy companies, active in oil and gas production, petroleum product manufacturing, as well as developing new energy projects and reducing emissions in its operations.
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 significant historical legacy.
New York
New York City, originally founded as New Amsterdam by Dutch colonists in 1624, became a major British colonial port before emerging as a global economic and cultural hub following American independence. Today, it is one of the world’s most populous and influential cities, renowned for landmarks like the Statue of Liberty, Times Square, and Central Park.
Sirte Basin
The Sirte Basin is a major sedimentary basin located in northern Libya, extending offshore into the Mediterranean Sea. It is historically significant as one of Africa’s most prolific petroleum provinces, with its oil reserves first discovered and developed extensively in the late 1950s and 1960s.
National Oil Corporation
The National Oil Corporation (NOC) is the state-owned oil company of Libya, established in 1970 to manage the country’s petroleum resources. It oversees all aspects of Libya’s oil and gas industry, from exploration to export, and has been a central entity in the nation’s economy and political landscape since its founding.
