Libya's state-owned National Oil Corporation (NOC) has announced U.S. Oil & Gas major Chevron (NYSE:CVX) among the winners of its first oil and gas licensing round in nearly two decades, signaling a major push to revive the country's hydrocarbon sector. Chevron secured an onshore Sirte S4 (also referred to as Contract Area 106) exploration license, reflecting a strategic reentry into Libya's oil sector. Chevron's return aligns with its strategy to focus on high-impact exploration in Africa, following its exit in 2010 following unsuccessful efforts. Libya holds over 48 billion barrels of oil, often high-quality, light-sweet crude, and significant gas resources. Western oil majors are making a comeback to Libya thanks to the country's massive, high-quality hydrocarbon reserves--the largest in Africa--coupled with an improvement in security following the 2020 ceasefire.

Source: Libya Today February 11, 2026 18:41 UTC