The National Oil Corporation (NOC), represented by its Chairman, Masoud Suleiman, announced yesterday that it had signed a Memorandum of Understanding (MoU) with US oil major Exxon Mobil in London yesterday.
The broad outlines of the memorandum revolve around the company conducting a detailed technical study of four offshore blocks located near the northwest coast and the Sirte Basin.
This memorandum aims to conduct a geological and geophysical study to identify the hydrocarbon resources of these blocks.
The memorandum also paves the way for cooperation and the resumption of the partnership between the NOC and Exxon Mobil, which aspires to resume its activities in Libya after a decade-long hiatus.
NOC seeking to expand partnerships with major American companies
In a speech delivered during the signing ceremony, the Chairman of the NOC stressed that the NOC is seriously seeking to expand the circle of partnership with major American companies in the field of energy, led by ExxonMobil, deriving from the history of this partnership a firm certainty about the quality of results in the future, noting that the terms of the contract today have become more suitable than before, and are in line with global changes in the field of energy, and that the conditions are suitable to achieve achievements.
Libyan expertise and technical cadres
He also praised the benefit of Libyan expertise and technical cadres in the fields of exploration, development and drilling, and their ability to carry out the necessary preliminary studies to provide the data from which companies will launch towards exploration.
NOC’s public tender round
ExxonMobil was among the companies that expressed their interest in participating in the NOC’s public tender round for exploration in Libya, by offering 22 offshore and onshore plots for investment.
A strategic step
The NOC reported that observers with expertise and interest in the world described ExxonMobil’s participation in this round, and its readiness to engage in exploration operations in Libya, as a strategic step, which came in line with the growing trend of international oil companies to return to Libya.
