TRIPOLI, Aug. 5 (Xinhua) -- Libya's state-owned National Oil Corporation (NOC) has signed a memorandum of understanding (MoU) with U.S. oil company ExxonMobil in London, marking the energy giant's return to the country after a hiatus of more than 10 years, the NOC said in a statement.
According to the statement on Monday, the ExxonMobil will conduct a "detailed technical study" of four offshore blocks located near the Libya's northwestern coast and the Sirte Basin, aiming to identify the hydrocarbon resources in these blocks.
"It also paves the way for cooperation and the resumption of the partnership between NOC and ExxonMobil, which aims to restart its activities in Libya after a decade-long hiatus," read the statement.
Chairman of the NOC Board of Directors, Masoud Suleman, said in a speech at the signing ceremony that the contract terms are now "more favorable" than in the past, reflecting global changes in the energy sector. He also emphasized the corporation's commitment to expanding partnerships with major American energy companies.
ExxonMobil was one of the companies that expressed interest in participating in the public bidding round initiated by the NOC for exploration in Libya, which includes 22 offshore and onshore blocks available for investment, said the statement.
Observers said ExxonMobil's willingness to engage in exploration operations in Libya represents "a strategic move," in alignment with the increasing trend of international oil companies returning to the country.
Libya is one of Africa's largest oil producers and a member of the Organization of the Petroleum Exporting Countries. However, the country's oil production has been repeatedly disrupted by internal conflicts and political turmoil since the fall of late leader Muammar Gaddafi in 2011.
In March, Sulaiman announced the launch of a new public bidding round for oil and gas exploration in Libya for the first time in 17 years. ■
