(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 8. bp has signed a Memorandum of Understanding (MoU) with Libya's National Oil Corporation (NOC) to explore redevelopment opportunities in the country's mature Sarir and Messla oilfields, located in the resource-rich Sirte basin, Trend reports.

The agreement also includes assessments of nearby exploration prospects and Libya's wider unconventional oil and gas potential.

The MoU sets the stage for a technical collaboration between bp and NOC, enabling access to key data and analysis needed to evaluate future development and exploration programs. The partnership signals renewed momentum in Libya's upstream sector as the country looks to revive production from aging assets and tap into underdeveloped reserves.

“This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya's energy sector,” said William Lin, bp executive vice president for gas and low carbon energy.“We hope to apply bp's experience from redeveloping and managing giant oil fields around the world to help optimize the performance of these world-class assets.”

Lin emphasized that bp is committed to conducting“thorough studies, working closely with NOC, to evaluate the resource potential of this promising region.”

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