Azernews.Az

By Alimat Aliyeva

The American oil and gas giant ExxonMobil will resume operations in Libya after a ten-year hiatus, marking a significant step in the country’s efforts to reintegrate foreign energy companies, Azernews reports.

The Libyan National Oil Corporation (NOC) made the announcement via a post on Facebook, revealing that it had signed a memorandum of understanding (MoU) with ExxonMobil.

"The key provisions of the memorandum involve ExxonMobil conducting a detailed technical study of four offshore blocks located off the northwest coast and in the Sirte Basin," the statement explained.

This MoU also sets the stage for renewed cooperation and partnership between NOC and ExxonMobil, which is eager to restart its operations in Libya after a decade-long absence.

Libya, an OPEC member, holds the largest hydrocarbon reserves in Africa and was once a major player in global oil markets. Before the outbreak of the civil war in 2011, it was the 12th largest oil exporter in the world, producing up to 1.6 million barrels per day. However, after the conflict began, foreign companies drastically reduced their operations in Libya due to the escalating political instability and challenges in the energy sector. As a result, many contracts were suspended, and Libya’s oil production faced severe setbacks.

In recent years, the Libyan government has been working diligently to attract foreign investment and bring energy companies back to the country. This deal with ExxonMobil represents a key step toward revitalizing the Libyan oil industry and restoring its position in global energy markets.

What makes this partnership particularly interesting is the shifting geopolitical landscape in the region. As global energy demands continue to rise and countries look for new sources of oil and gas, Libya’s untapped offshore reserves could become even more strategic in the coming years. Additionally, the return of major oil companies like ExxonMobil could be seen as a signal of increased stability and opportunities for growth in the Libyan economy.