Libya's National Oil Corporation (NOC), represented by the Chairman, Engineer Masoud Suleman, has signed an MoU with the American international oil company ExxonMobil in London.
The broad outlines of the MoU state that ExxonMobil conducts a detailed technical study of four offshore blocks located near the northwest coast and the Sirte Basin.
This MoU establishes a geological and geophysical study to identify the hydrocarbon resources in these blocks.
It also paves the way for cooperation and the resumption of the partnership between NOC and ExxonMobil, which aims to restart its activities in Libya after a decade-long hiatus.
In a speech at the signing ceremony, the Chairman of the NOC Board of Directors 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 the history of their collaboration. He also noted that the contract terms are now more favorable than in the past, reflecting global changes in the energy sector, and that the conditions are ideal for achieving success.
He praised the value of Libyan expertise and technical personnel in exploration, development, and drilling by highlighting their ability to conduct essential preliminary studies that provide the data companies need to initiate exploration activities.
It is worth noting that ExxonMobil was one of the companies that expressed interest in participating in the public bidding round initiated by the NOC for exploration in Libya, which includes 22 offshore and onshore blocks available for investment.
Specialized observers worldwide have described ExxonMobil’s participation in this bidding round and its willingness to engage in exploration operations in Libya as a strategic move, aligned with the increasing trend of international oil companies returning to the country.
Source: National Oil Corporation
