By Alexander Miller, consultant in energy markets. Eurasia Business News, August 5, 2025. Article n°1687.

ExxonMobil has signed a memorandum of understanding (MoU) with Libya’s National Oil Corporation (NOC), marking its return to Libya after more than a decade-long hiatus. The agreement, signed in London, involves ExxonMobil conducting detailed technical studies, including geological and geophysical surveys, of four offshore blocks located near Libya’s northwestern coast and the Sirte Basin.

This move is intended to assess the hydrocarbon potential of these areas as part of renewed exploration efforts. The deal signals ExxonMobil’s intent to restart exploration and possible production activities in Libya, where it had suspended operations around 2013 due to regional instability.

NOC Chairman Masoud Suleiman stated that current contract terms are more favorable than in the past, reflecting shifts in the global energy sector, and reaffirmed Libya’s commitment to strengthening ties with major international oil companies like ExxonMobil. The company has also shown interest in Libya’s licensing round of 22 offshore and onshore blocks for exploration, scheduled to conclude by the end of 2025.

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ExxonMobil’s return is seen as part of a broader trend of international oil firms reengaging with Libya, which, despite political instability, remains one of Africa’s largest oil producers and a member of OPEC. The renewed partnership is expected to contribute to Libya’s ambitions to increase oil production and attract foreign investment amid shifting geopolitical and energy landscapes.

ExxonMobil has formally signed an exploration deal with Libya’s NOC, marking its return to Libya after a decade, focusing initially on offshore exploration studies with potential future production, reflecting renewed confidence and investment in Libya’s oil sector.

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© Copyright 2025 – Eurasia Business News. Article no. 1687