ExxonMobil Makes Return to Libya After 10 Years Hiatus

(MENAFN) Libya’s National Oil Corporation (NOC) has officially reestablished ties with U.S. energy giant ExxonMobil by signing a memorandum of understanding (MoU) in London, signaling the company’s first return to the North African nation in over a decade, according to an NOC announcement.

The agreement, revealed Monday, entrusts ExxonMobil with conducting a comprehensive technical evaluation of four offshore blocks situated near Libya’s northwest coast and the Sirte Basin. The study’s goal is to assess the hydrocarbon potential within these areas.

"It also paves the way for cooperation and the resumption of the partnership between NOC and ExxonMobil, which aims to restart its activities in Libya after a decade-long hiatus," the statement noted.

At the signing event, NOC Board Chairman Masoud Suleman highlighted that current contract terms have become "more favorable" compared to previous arrangements, a change influenced by global shifts in the energy industry. He also reaffirmed the NOC’s intention to deepen collaborations with leading American energy firms.

ExxonMobil had expressed interest in Libya’s latest public bidding round for exploration, which the NOC opened up for 22 onshore and offshore blocks seeking investment, the statement added.

Industry analysts view ExxonMobil’s renewed exploration efforts in Libya as a "strategic move," reflecting a broader resurgence of international oil companies aiming to re-enter the country’s energy sector.

Libya, a key oil producer in Africa and an OPEC member, has seen its output repeatedly disrupted by ongoing internal conflicts and political instability since the 2011 overthrow of Muammar Gaddafi.

In March, Suleiman announced the launch of Libya’s first public bidding round for oil and gas exploration in 17 years.

MENAFN05082025000045017169ID1109887367