ExxonMobil Returns to Libya

ExxonMobil is returning to Libya. The American company has signed a memorandum of understanding with Libya's National Oil Corporation (NOC) to explore four offshore blocks on the northwest coast and in the Sirte basin, the NOC said in a statement.

“This paves the way for cooperation and renewed partnership between NOC and ExxonMobil, which is seeking to resume its activities in Libya after a ten-year hiatus,” NOC said.

ExxonMobil scaled back its projects in Libya in 2013 due to growing political instability.

Now the company intends not only to study 4 new blocks, but also to participate in the first tender in the last 14 years for 22 offshore and onshore blocks in Libya along with other 36 companies.

Libyan authorities plan to increase oil production to 2 million barrels per day by 2030, surpassing the peak of 1.75 million bpd reached during the rule of Muammar Gaddafi in 2006. Libya currently produces about 1.3 million bpd, up from 1.1 million bpd in 2024, according to OPEC data.