U.S. welcomes ExxonMobil deal to boost gas exploration in Libya

The U.S. Embassy in Libya has welcomed the signing of a memorandum of understanding (MoU) between American energy giant ExxonMobil and Libya’s National Oil Corporation (NOC), aimed at advancing offshore natural gas exploration and production.

In a statement, the embassy described the agreement as a development that would benefit both Libyan stakeholders and the American people, noting the long-standing role of the U.S. oil and gas sector in global energy markets.

The MoU, signed Monday evening in London, outlines a framework for ExxonMobil to carry out extensive technical studies on four offshore blocks located off Libya’s northwestern coast and in the Sirte Basin. These studies will focus on evaluating hydrocarbon potential through advanced geological and geophysical assessments.

The agreement comes at a strategic moment for Libya, which is working to revitalise its energy sector and attract foreign investment. As global demand for natural gas continues to rise, tapping into Libya’s offshore reserves has become a priority for both economic growth and energy security.

The U.S. Embassy expressed satisfaction with what it called “growing commercial partnerships that advance the prosperity of both the United States and Libya,” framing the deal as part of a broader vision for economic cooperation between the two countries.

ExxonMobil had previously shown strong interest in the NOC’s recent licensing round, which offered 22 offshore and onshore blocks for investment.