Libya: ExxonMobil Signs MoU With NOC To Conduct Studies On Four Offshore Blocks

American oil and gas supermajor ExxonMobil has signed a memorandum of understanding (MoU) with the Libyan National Oil Corporation (NOC) to undertake a detailed technical study of four offshore blocks located near the northwest coast and the Sirte Basin of Libya.

This MoU establishes a geological and geophysical study to identify hydrocarbon resources in these blocks.

It also paves the way for cooperation and the resumption of the partnership between NOC and ExxonMobil, aiming to restart activities in Libya after a decade-long hiatus.

In a speech at the signing ceremony, the Chairman of the NOC Board of Directors Masoud Suleman emphasized the corporation’s commitment to expanding partnerships with major American energy companies, particularly ExxonMobil.

He expressed confidence in the potential for positive outcomes based on their collaboration history.

He noted that contract terms are now more favorable than in the past, reflecting global energy sector changes, and that conditions are ideal for achieving success.

Mr Suleman praised Libyan expertise and technical personnel’s value in exploration, development, and drilling.

It’s worth noting that ExxonMobil was one of the companies that expressed interest in participating in NOC’s public bidding round for exploration in Libya, which includes 22 offshore and onshore blocks available for investment.

ExxonMobil’s willingness to engage in exploration operations in Libya has been described as a strategic move, aligned with the increasing trend of international oil companies returning to the country.

Source: https://energynewsafrica.com