U.S. oil giant Chevron is exploring opportunities to expand its presence in Libya and Iraq, signaling a strategic shift in its global exploration portfolio.

In Libya, Chevron is in talks with the National Oil Corporation (NOC) about re-entering the country after years of limited activity. The discussions focus on developing untapped oil fields, unconventional reserves, and technically challenging high-pressure, high-temperature areas. Libya’s NOC says the country still holds around 4 billion barrels of undeveloped crude, along with substantial shale oil and natural gas reserves, making it a potentially lucrative destination for companies with advanced technical capabilities. Chevron has expressed serious interest but is still assessing the feasibility of a full-scale return.

Meanwhile, in Iraq, Chevron has signed a “heads of agreement” with the government for exploration and development in four blocks in the Nassiriya region of southern Iraq. The deal also includes redevelopment plans for the Balad oilfield. Iraqi Prime Minister Mohammed Shia al‑Sudani described the agreement as part of a broader strategy to attract international investment and leverage the expertise of global oil majors. Chevron executives emphasized their confidence in helping Iraq unlock its resource potential using their technical know-how and investment capacity.

Analysts note that Chevron’s moves reflect a recalibration of its exploration strategy toward regions offering both high resource potential and improving security and political conditions. In Libya and Iraq, Chevron sees opportunities to tap major reserves while applying its advanced technology to complex oil and gas projects.

Chevron confirmed that it continues to review global exploration opportunities and remains focused on projects that can deliver long-term growth for the company.