Libya's NOC signss memorandum with ExxonMobil following decade of inactivity

Libya's National Oil Corporation announced on Monday that it had signed a Memorandum of Understanding with U.S. Oil Giant ExxonMobil, after a decade-long halt of activities in the North African nation due to security concerns.

In a press release, NOC said that the MoU is aimed at conducting detailed geological studies and geophysical surveys to identify hydrocarbon resources within four offshore blocks off the Northwest Coast and the Sirte Basin.

ExxonMobil decided in 2013 to reduce its Libyan staff and operations due to the growing instability.

After the Arab Spring of 2011, international oil companies began to worry that the Libyan returns might not be worth the political and security risks.

Libya's oil production has been interrupted repeatedly since 2014 when the country was divided into two rival authorities, one in the west and the other in the east following the NATO-backed revolt that overthrew Muammar Gadhafi.

(source: Reuters)