U.S.-headquartered energy giant ExxonMobil has signed a memorandum of understanding (MoU) with Libya’s National Oil Corporation (NOC) to undertake a technical study off the coast of the North African country.
The MoU will see ExxonMobil conduct a geological and geophysical study of four offshore blocks near the country’s northwest coast and the Sirte Basin to identify the presence of hydrocarbons.
The NOC believes this paves the way for the partnership between the two players to resume and for the U.S. player to restart its activities in Libya after a decade-long hiatus.
Masoud Suleman , Chairman of the NOC’s Board of Directors, emphasized the company’s commitment to expanding partnerships with major American energy companies, particularly ExxonMobil, at the signing ceremony.
Underlining his trust in the cooperation’s positive outcome based on the duo’s collaboration history, Suleman also noted that the contract terms are now more favorable than in the past, reflecting global changes in the energy sector.
According to the Libyan player, ExxonMobil was one of the companies that expressed interest in participating in the country’s licensing round for exploration announced in March , which includes 22 offshore and onshore blocks available for investment.
In addition to exploring options for its return to the African country, the U.S. giant has been busy with developments elsewhere. In South America, the floating production storage and offloading (FPSO) unit Errea Wittu , which ExxonMobil plans to deploy offshore Guyana, recently completed another phase of construction .