ExxonMobil has signed a memorandum of understanding with Libya’s National Oil Corporation (NOC), marking its return after a ten-year absence.
The agreement, announced Monday, signals renewed interest in Libya’s vast energy reserves following years of instability and conflict. The MoU focuses on extensive geological and geophysical surveys across four offshore blocks near Libya’s northwest coast and the Sirte Basin.
This collaboration may pave the way for future exploration, with both sides eyeing potential untapped hydrocarbon resources under the Mediterranean seabed.
ExxonMobil withdrew from Libya in 2013, citing deteriorating security conditions that made operations untenable for international firms. The exit followed a wave of unrest triggered by the 2011 Arab Spring, which saw the fall of Muammar Gaddafi and plunged Libya into prolonged chaos.
Since then, the country has been mired in political divisions and violence, repeatedly disrupting oil production and foreign investment. Despite the turmoil, Libya remains home to Africa’s largest proven oil reserves, a prize that continues to lure global energy giants.
The NOC hopes ExxonMobil’s return will encourage other firms to re-engage, bolstering the country’s fragile economic recovery. While the MoU is only a preliminary step, it marks a cautious yet symbolic vote of confidence in Libya’s energy sector.
