ExxonMobil Resumes Offshore Oil Exploration Libya After Decade

ExxonMobil is resuming oil and gas exploration activities in Libya after a decade-long hiatus, having signed a memorandum of understanding with Libya's National Oil Corporation (NOC) to conduct geological and geophysical studies in four offshore blocks near the northwest coast and the Sirte Basin. This move aligns with Libya’s strategy to increase oil production to between two and three million barrels per day and coincides with a public bidding round for exploration rights that has attracted 37 bidders, including ExxonMobil. The company’s return reflects improved contract terms amid global energy sector changes and the growing interest of international firms in Libya’s vast hydrocarbon reserves. Additionally, ExxonMobil is reportedly preparing to explore offshore natural gas resources as part of its strategic re-entry into the Libyan market. While ExxonMobil's return to Pakistan’s offshore oil and gas sector remains uncertain, U.S. President Donald Trump announced a joint development initiative for Pakistan's oil reserves, raising expectations for potential U.S. energy company involvement in upcoming bidding rounds. ExxonMobil's broader strategy focuses on creating value from new deals following its recent acquisition of Pioneer Natural Resources, despite current market pressures from fluctuating oil prices.