ExxonMobil Strikes Deal To Reenter Libya After a Decade
Libya’s National Oil Corporation (NOC) has signed a memorandum of understanding with US energy giant ExxonMobil, marking the company’s first step back into the Libyan market in over a decade. The deal was inked Monday in London and will see ExxonMobil conduct a detailed technical study of four offshore blocks near Libya’s northwestern coast and the Sirte Basin to assess their hydrocarbon potential.
The agreement “paves the way for cooperation and the resumption of the partnership between NOC and ExxonMobil,” the state oil firm said, noting that the US company aims to restart operations suspended more than ten years ago.
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NOC Chairman Masoud Suleman told attendees at the signing that contract terms are now “more favorable” than in the past, reflecting global shifts in the energy sector. He reaffirmed NOC’s commitment to expanding ties with major American energy companies. ExxonMobil, he added, had shown interest in the public bidding round NOC launched earlier this year for exploration rights in 22 offshore and onshore blocks.
Industry observers see ExxonMobil’s return as part of a wider trend of international oil companies reengaging with Libya, one of Africa’s largest oil producers and a member of the Organization of the Petroleum Exporting Countries (OPEC). The nation’s output, however, has been plagued by disruptions caused by political instability and armed conflict since the 2011 overthrow of Moammar Gadhafi.
In March, Suleman announced Libya’s first oil and gas bidding round in 17 years, signaling the country’s push to attract fresh foreign investment into its energy sector.
