Libya's NOC Signs MoU with ExxonMobil to Resume Oil Exploration Amid Security Challenges

Libyan National Oil Corporation (NOC) announced on Monday that it has entered into a Memorandum of Understanding (MoU) with ExxonMobil, marking a significant step toward resuming oil exploration activities in the country after a ten-year hiatus caused by ongoing security challenges. The agreement focuses on conducting comprehensive geological and geophysical assessments to locate hydrocarbon reserves within four offshore blocks situated off Libya's northwest coast and the Sirte Basin. ExxonMobil had scaled back its Libyan operations in 2013 amid increasing instability, and following the 2011 Arab Spring uprising, many international oil firms became hesitant about investing due to political and security concerns. Since 2014, Libya's oil output has faced numerous disruptions, coinciding with the country's political division between rival eastern and western governments after the NATO-backed revolution that ousted Muammar Gadhafi. This renewed cooperation signals Libya's efforts to stabilize its oil sector and attract foreign investment despite ongoing internal conflicts.