After a decade, ExxonMobil strikes a deal to reenter Libya

Libya’s National Oil Corporation (NOC) has signed an MoU with US energy giant ExxonMobil, marking the company’s first step back into the Libyan market in over a decade. The deal was signed in London and will see ExxonMobil conduct a detailed technical study of four offshore blocks near Libya’s northwestern coast and the Sirte Basin to assess their hydrocarbon potential, according to The Media Line. NOC Chairman Masoud Suleman told attendees in London that contract terms are now “more favorable” than in the past, reflecting global shifts in the energy sector.