Chevron (NYSE:CVX) has moved back into Libya's energy landscape after securing an exploration license in the Sirte basin, a core onshore region that historically ranked among the country's most prolific. The award follows Libya's first licensing round since 2007, covering 20 onshore and offshore blocks, though only five received valid bids. Alongside Chevron, Italy's Eni (NYSE:E), QatarEnergy, and a consortium of Spain's Repsol, Turkiye Petrolleri AO and Hungary's Mol Nyrt. captured offshore acreage, underscoring that major producers may be recalibrating their risk appetite as Libya reopens to foreign capital. The 20 blocks offered are estimated to hold about 10 billion barrels of available resources and 18 billion barrels yet to be discovered.

Source: Libya Today February 12, 2026 19:36 UTC