US energy firm goes back to Libya
(MENAFN) ExxonMobil has signed a memorandum of understanding (MoU) with Libya’s National Oil Corporation (NOC) to resume operations in the North African country after a decade-long pause. The agreement allows ExxonMobil to conduct detailed geological and geophysical studies on four offshore blocks near Libya’s northwest coast and the Sirte Basin.
According to NOC, the MoU aims to identify hydrocarbon resources in these areas and marks the restart of cooperation between ExxonMobil and Libya’s oil sector. The US company had originally signed a production sharing deal in 2007 to explore 2.5 million acres across four offshore blocks in the Sirte Basin but halted activities in 2013 due to security concerns and unstable conditions.
Libya, home to Africa’s largest proven oil reserves—estimated at 48 billion barrels or 41% of the continent’s total—has struggled with instability and militia conflicts since the 2011 overthrow of Muammar Gaddafi. Last month, the NOC launched its first major energy exploration tender in nearly 18 years to rejuvenate the oil industry. Thirty-seven international oil firms, including Chevron, TotalEnergies, and Eni, are participating, with ExxonMobil confirmed among the interested parties.
NOC Chairman Masoud Suleman noted that the new terms offered to ExxonMobil and others are more favorable than previous agreements, signaling optimism for the revival of Libya’s vital oil sector.
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