ExxonMobil Signs Hydrocarbon Exploration Deal with Libya

ExxonMobil has signed a preliminary agreement with Libya to explore hydrocarbons in four offshore blocks, marking the company's return to the country after a decade-long absence.

The agreement was announced by Libya's National Oil Corporation and includes the preparation of a detailed technical study of the offshore blocks off the northwest coast and the Sirte Basin, to determine oil and gas deposits.

Similar agreements have been signed with BP and Shell, which have also returned to Libya after the civil war that began in 2011. Libya launched its first oil and gas exploration tender since 2007, attracting interest from major companies such as Exxon, Chevron, TotalEnergies, and Eni.

Libya has the largest oil and gas reserves in Africa, with production averaging around 1.4 million barrels per day.

It is noted that ExxonMobil is also active in blocks "5" and "10" of the EEZ of the Republic of Cyprus and in the EEZ of Greece, together with QatarEnergy International.

Source: CNA