ExxonMobil Signs Offshore Exploration MoU with Libya’s NOC After Decade

Libya's National Oil Corporation (NOC) has signed a memorandum of understanding with U.S. energy giant ExxonMobil, marking the company's return to Libya after a decade-long suspension of operations. The agreement allows ExxonMobil to conduct detailed geological and geophysical studies in four offshore blocks off Libya's northwest coast and within the Sirte Basin to assess hydrocarbon potential. This move is part of broader efforts by the NOC to renew strategic partnerships with major U.S. energy firms and follows similar preliminary agreements with BP and Shell. Libya's revised contract terms now reflect global energy market changes, offering more attractive conditions for international investment amid the country's significant untapped oil and gas resources. ExxonMobil's renewed engagement coincides with increased American commercial involvement in Libya, highlighted by a recent $235 million infrastructure deal signed during a visit by a senior U.S. presidential advisor. Meanwhile, Wall Street analysts have responded positively to ExxonMobil's strategic moves, projecting potential stock price gains despite some valuation risks.