Exxon Mobil Returns to Libya: A New Chapter in Oil Exploration
Libya's National Oil Corporation has signed a memorandum of understanding with Exxon Mobil, marking the return of activity after a decade-long pause. The agreement focuses on geological and geophysical studies to explore hydrocarbon resources in offshore blocks off the northwest coast and the Sirte Basin.
In a significant development, Libya's National Oil Corporation (NOC) announced on Monday the signing of a memorandum of understanding (MoU) with U.S. oil giant Exxon Mobil. This marks a revival of activity after a prolonged decade-long halt in the North African country.
The memorandum centers on conducting comprehensive geological and geophysical studies. These endeavors aim to identify potential hydrocarbon resources across four offshore blocks situated off Libya's northwest coast and within the Sirte Basin.
The collaboration between NOC and Exxon Mobil is viewed as a pivotal step towards reigniting the country's oil sector, potentially unlocking significant economic potential for Libya.
(With inputs from agencies.)
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