Libya's NOC signs memorandum of understanding with ExxonMobil after decade of inactivity
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Libya's National Oil Corporation (NOC) has signed a memorandum of understanding with ExxonMobil after a decade of inactivity due to security issues. The MoU aims to conduct geological and geophysical studies to explore hydrocarbon resources in four offshore blocks and the Sirte Basin. ExxonMobil had previously reduced its operations in Libya in 2013 due to instability and security concerns, which have persisted since the 2011 uprisings that led to ongoing disruptions in oil output.
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