ExxonMobil Returns to Libya with NOC MoU

Libya’s National Oil Corporation (NOC) has signed a Memorandum of Understanding (MoU) with oil and gas major ExxonMobil to carry out a technical study evaluating the hydrocarbon potential of four offshore blocks.

The geological and geophysical surveys will be conducted along Libya’s northwest coast and within the Sirte Basin. The MoU marks ExxonMobil’s return to Libya after a decade-long pause, following the declaration of force majeure. The agreement also aligns with NOC’s strategy to enhance partnerships with U.S. energy firms to unlock the country’s energy reserves.

Libya has updated its contract terms to better reflect global market dynamics, enhance its attractiveness to investors and ensure strong returns for the country and international partners, according to Masoud Suleman, Chairman of the NOC Board of Directors.