Libya’s National Oil Corporation (NOC) on Tuesday announced the signing of a memorandum of understanding (MoU) with US-based energy giant ExxonMobil, marking a potential return of the company to Libya after more than a decade of absence.
The MoU, signed in London, will allow ExxonMobil to conduct a detailed technical study of four offshore blocks located off Libya’s northwest coast and within the Sirte Basin. The scope includes geological and geophysical studies to assess hydrocarbon potential in the targeted areas.
- Resumption of strategic partnership
According to the NOC, the agreement reopens cooperation between the two sides and sets the groundwork for ExxonMobil to resume its operations in Libya.
NOC Chairman Masoud Suleman underscored the company’s commitment to strengthening partnerships with major US energy firms, particularly ExxonMobil.
He expressed confidence in the potential for positive outcomes based on the history of their collaboration, noting that the contract terms are now more favorable than in the past, reflecting global changes in the energy sector, and that the conditions are ideal for achieving success.
"It is worth noting that ExxonMobil was one of the companies that expressed interest in participating in the public bidding round initiated by the NOC for exploration in Libya, which includes 22 offshore and onshore blocks available for investment," the statement read.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr