Libya’s National Oil Corp (NOC) announced on 26th March 2026 that it has signed a memorandum of understanding with Chevron Corp to undertake a technical study in offshore waters, marking the start of an offshore oil study in an unexplored area of the North African country. The focus of the agreement is Block NC146, which NOC said contains “encouraging geological indicators that could lead to significant discoveries”. The remarks were attributed to NOC chair Masoud Suleman, who emphasized the broader implications of the offshore oil study.
The agreement follows Chevron’s recent entry into Libya’s upstream sector, after securing an onshore asset in the country’s 2025 bidding round. The company was awarded Contract Area 106, located in the Sirte Basin, reinforcing its position as it advances the offshore oil study initiative alongside NOC. The move highlights renewed exploration activity in Libya, as authorities seek to revive interest from global energy companies.
Chevron’s activity extends beyond Libya into other parts of the Mediterranean. Chevron and Helleniq Energy Holdings SA both confirmed lease agreements to explore four offshore blocks in Greece. Two of the blocks, South Crete 1 and South Crete 2, are situated south of Crete, while Block A2 and South of Peloponnese are located near the Peloponnese peninsula. Spanning about 47,000 square kilometers, these areas will be assessed under a three-phase exploration program.
“The target areas lie in ultra-deepwater settings – some beyond 1,500 meters [4,921.26 feet] of sea depth – with complex geological structures”, Helleniq Energy said. Chevron noted, “Under the terms of the lease agreements, the consortium will complete 2D and 3D seismic exploration work programs in phase one of the leases, to assess the hydrocarbon potential of the areas”. Chevron holds a 70 percent operating stake, with Helleniq Energy owning 30 percent, further complementing its broader offshore oil study and exploration strategy.
In parallel, Chevron has continued to pursue opportunities across neighboring markets. In February 2026, the company secured memorandums of understanding to assess opportunities in Turkiye and Syria. It also operates the Leviathan gas field and Tamar gas field in Israel, where a $2.36-billion final investment decision was approved in January 2026 to expand Leviathan’s production capacity. The first stage of Phase 1B is expected to begin in the second half of 2029, targeting output of about 21 billion cubic meters (741.61 billion cubic feet) annually. Meanwhile, in the Cypriot Mediterranean, Chevron and its partners have sanctioned the front-end engineering design for the Aphrodite gas field, while in Egypt it operates the Nargis and North El Dabaa blocks and holds a non-operating stake in the North Cleopatra block.
