The National Oil Corporation (NOC) of Libya has signed a Memorandum of Understanding (MoU) with ExxonMobil, marking the U.S. energy giant’s return to the country after a decade of halted operations.
The agreement will see ExxonMobil conduct detailed geological and geophysical studies on four offshore blocks located near Libya’s northwest coast and within the Sirte Basin to evaluate the presence of hydrocarbons.
At the signing ceremony, NOC Chairman Masoud Suleman reaffirmed the company’s strategy to expand partnerships with leading American oil firms, highlighting ExxonMobil as a key partner. Suleman expressed optimism that the renewed collaboration would yield positive outcomes, especially as the contract terms have been updated to reflect current global energy dynamics and are considered more favorable than before.
READ:Zimbabwe launches smart water meter project
Licensing round
ExxonMobil was among several international oil companies that expressed interest in Libya’s licensing round announced in March 2025, which includes 22 offshore and onshore blocks open for exploration. This new agreement signals a potential revival of ExxonMobil’s presence in Libya, which had significantly scaled down in 2013 due to escalating security concerns and uncertain political conditions.
Since the 2011 uprising that led to the fall of Muammar Gaddafi, Libya has experienced ongoing instability, frequently disrupting its oil production. The country has remained divided politically, with rival authorities in the east and west, making it a challenging environment for foreign investment. However, with improving conditions, the NOC is pushing to revitalize the sector through renewed international cooperation.
Meanwhile, ExxonMobil continues to pursue global expansion, including advancing its offshore development in Guyana with the construction of the Errea Wittu FPSO unit. The new MoU reflects both Libya’s ambitions to attract major investors and ExxonMobil’s strategic interest in re-engaging with one of North Africa’s key oil-producing nations.
