Chevron will extend its operations into Libya after the company announced it was the successful bidder in Libya's 2025 tender.

The energy company stated on Wednesday that it had won the bid for Contract Area 106 in Libya's Sirte Basin.

Chevron added that it also signed a memorandum of understanding with the Libyan National Oil Corporation to assess the development and exploration potential for onshore drilling in the country.

"Chevron is pleased to enter Libya through the award of the onshore Contract Area 106, which highlights our focus on North Africa and the Eastern Mediterranean and aligns fully with our exploration strategy to grow our portfolio with high-quality acreage and high-impact exploration prospects," said Kevin McLachlan, Vice President of Exploration at Chevron, on Wednesday.

The company stated that the award of the contract area is subject to the execution of a production-sharing agreement.