Chevron Secures Libyan Exploration Rights as Kazakh Production Rebounds

The U.S. energy giant Chevron is advancing its strategic growth initiatives on two fronts, marked by a significant new entry into North Africa and the recovery of a major production asset in Central Asia. These parallel developments underscore the company's focus on expanding its portfolio in key hydrocarbon regions.

Operations at Chevron's massive Tengiz oil field in Kazakhstan are steadily returning to normal following a disruption in January. The incident, involving fires at power generation facilities, temporarily reduced output. By February 8, 2026, production had been restored to approximately 60% of its peak capacity, equating to roughly 550,000 barrels per day.

Industry sources indicate that a full return to the field's peak output of about 950,000 barrels per day is anticipated by February 23, 2026. Tengiz is a cornerstone of Kazakhstan's oil industry, accounting for an estimated 40% of the nation's total production.

Key Consortium Stakeholders:
* Chevron: 50%
* ExxonMobil: 25%
* KazMunayGaz (Kazakhstan): 20%
* Lukoil (Russia): 5%

The production shortfall had a tangible impact on exports, reducing shipments of CPC Blend crude via the Caspian Pipeline Consortium—Kazakhstan's primary export route to the Black Sea—throughout January below planned volumes.

Should investors sell immediately? Or is it worth buying Chevron?

Strategic Entry into Libya's Sirte Basin

In a separate strategic move, Chevron has been selected to develop a new block in Libya. The company announced on February 11, 2026, that its subsidiary, Chevron Business Development EMEA Ltd., was awarded the contract for Area 106 in the prolific Sirte Basin.

This formal award follows a memorandum of understanding signed with Libya's state-owned National Oil Corporation (NOC) in Tripoli on January 24, 2026.

Company executives highlighted the strategic importance of the agreement. Kevin McLachlan, Chevron's Vice President of Exploration, stated the award reinforces the firm's focus on North Africa and the Eastern Mediterranean, aligning with its strategy to add high-quality exploration acreage. The final grant remains contingent upon the execution of a Production Sharing Agreement.

Shareholder Returns and Operational Outlook

Amid these operational updates, Chevron's board declared a quarterly dividend of $1.78 per share, with an ex-dividend date of February 17, 2026.

The concurrent progress in Libya and Kazakhstan demonstrates Chevron's operational scale and strategic positioning. The anticipated full restoration of Tengiz production by late February is expected to stabilize export flows from the region, while the Libyan agreement marks a deliberate expansion into a new, strategic exploration frontier.