Chevron in talks with Libya and Iraq on potential oil projects expansion

US energy major Chevron (NYSE: CVX) is holding discussions with the governments of Iraq and Libya to assess potential opportunities to expand its footprint in the oil sector, the company’s chief executive, Mike Wirth, told Reuters on January 30.

Wirth said the company is evaluating options in both countries, including participation in producing oilfields as well as new exploration opportunities. He noted that the investment assessment is part of a broader search for assets that could strengthen its global oil portfolio. However, he explained that the company would require a clear view of returns before committing to any new projects.

“We need to understand the economics and see attractive returns on investment before moving forward,” Wirth said, as he pointed to the importance of stability, fiscal clarity and operating conditions in expansion decisions.

The comments come as international oil companies reassess growth strategies amid volatile energy markets, geopolitical risks and increasing competition for high-quality upstream assets. Iraq and Libya both hold some of the world’s largest proven oil reserves, but investment has often been constrained by political uncertainty, security concerns and regulatory complexity.

In January 2026, Chevron signed a landmark memorandum of understanding (MoU) with Libya's National Oil Corporation (NOC) to evaluate and develop new exploration opportunities in the country. The strategic re-entry marks the company's first major engagement in Libya in over a decade, focusing on both onshore and offshore hydrocarbon potential. In the same month, Chevron began high-stakes negotiations to acquire a majority stake in Iraq's giant West Qurna 2 oilfield from Russia’s Lukoil, following the field's nationalisation.