ExxonMobil returns to Libya with offshore MoU

Libya

TRIPOLI, August 5, 2025 – ExxonMobil has signed an MoU with Libya’s National Oil Corporation (NOC) to conduct technical studies on four blocks in Libyan waters, NOC announced on Monday.

The agreement, which marks ExxonMobil’s return to Libya after a decade-long hiatus, covers geological and geophysical studies on four offshore blocks near Libya’s northwest coast and Sirte Basin to identify potential hydrocarbon resources.

In a speech at the signing ceremony, NOC board chairman Masoud Suleman expressed confidence in the potential for positive outcomes based on the history of Libya’s collaboration with ExxonMobil. He also noted that the contract terms are more favourable than those awarded in the past.

NOC’s announcement described ExxonMobil’s move as part of a broader trend among international oil companies to return to Libya’s upstream segment. Interest had decreased due to higher perceived security and political risks following the toppling of Muammar Gaddafi in 2011.

ExxonMobil has also expressed interest in participating in Libya’s ongoing public bidding round, which is offering up 22 offshore and onshore blocks.

Libya’s NOC manages the country’s hydrocarbons sector, overseeing exploration, development and production activities through partnerships with international firms. It is currently focused on revitalising upstream investment.