US ExxonMobil reenters Libya with offshore exploration memorandum VIDEO

After a decade-long suspension of operations, US energy titan ExxonMobil has formalized its intent to resume activities in Libya by signing a Memorandum of Understanding (MoU) with the National Oil Corporation (NOC).

The agreement, inked in London by NOC Chairman Masoud Suleiman, initiates advanced geological and geophysical surveys in four offshore blocks located near the Sirte Basin and along Libya’s northwestern coastline, Caliber.Az reports, citing Libyan media.

The MoU outlines a framework for cooperation aimed at identifying hydrocarbon resources in these offshore areas, setting the stage for potential future exploration and production ventures. This move underscores a strategic effort by Libya to rekindle partnerships with major American energy firms, with ExxonMobil positioned at the forefront of this renewed engagement.

Chairman Suleiman highlighted that Libya’s contractual terms have been revised to reflect evolving global energy market dynamics, offering enhanced incentives to attract international investment. The NOC has concurrently launched a licensing round featuring 22 offshore and onshore blocks open for exploration, with ExxonMobil among the leading companies expressing interest in participating.

ExxonMobil previously operated in Libya’s Murzuq Basin and Zahra Field before suspending its activities amid regional instability a decade ago. The company’s return signals growing confidence in Libya’s energy sector stability and investment climate.

This renewed partnership coincides with broader US commercial reengagement in Libya. On July 23, 2025, Masad Boulos, senior advisor to US President Donald Trump, visited Libya to formalize a $235 million infrastructure agreement with Hill International, marking a significant milestone in American economic involvement in the country.

ExxonMobil’s move reflects a wider trend of recalibrated foreign investment as Libya seeks to bolster its hydrocarbon production and attract key international partners amid shifting geopolitical and energy landscapes.

By Vafa Guliyeva