The National Oil Corporation (NOC), along with the major international oil company ExxonMobil, signed a new Memorandum of Understanding (MoU) after a decade of halt. Under the MoU, ExxonMobil will conduct a detailed technical study of four Libyan offshore blocks located near the northwest coast and the Sirte Basin to identify the resources of hydrocarbons there.
During the signing ceremony, Masoud Suleman, NOC’s Chairman, affirmed the corporation’s commitment to expanding partnerships with major American energy companies, particularly ExxonMobil.
ExxonMobil has maintained a limited yet strategic presence in Libya, focusing primarily on exploration activities. The company first entered the Libyan energy sector in the 1960s but suspended operations for decades due to political instability and sanctions. It reentered the country in 2005 through exploration agreements with NOC, securing offshore acreage in the Mediterranean.
However, due to ongoing security concerns and the volatile political environment following the 2011 uprising, ExxonMobil scaled back its operations and has kept its activities largely on hold. The company continues to monitor developments, maintaining its interests while awaiting a more stable investment climate.
