Energy major ExxonMobil has signed a memorandum of understanding (MoU) with Libya’s National Oil Corporation to carry out a technical study for four offshore blocks. The study seeks to determine the hydrocarbon potential of the blocks, with geological and geophysical surveys set to be conducted along Libya’s northwest coast and within the Sirte Basin. Signaling ExxonMobil’s return to the country after a decade-long hiatus, the MoU reflect a strong commitment by the company to invest in Libya as the country strives to enhance production through global collaboration.
Representing the voice of the African energy sector, the African Energy Chamber (AEC) views this agreement as the start of a fruitful partnership between ExxonMobil and Libya’s NOC. Offering abundant hydrocarbon potential and with an established energy ecosystem, Libya is well-positioned to play an even greater role in global supply chains. This MoU reflects the strong global commitment to supporting Libya’s industry goals and is expected to unlock new frontiers across the North African market.
The development comes as Libya put strong measures in place to attract investment in greenfield and brownfield block opportunities. The country launched its first licensing round in nearly 18 years in March 2025, offering 22 on- and offshore blocks for licensing. The round drew interest from over 40 prospective bidders, showcasing the level of global interest in Libya’s exploration prospects. ExxonMobil represented one of the global companies that expressed interest in the licensing round. The licensing round will be completed in 2025 and offers production sharing agreements as well as areas with undeveloped discoveries. Part of the licensing round, Libya introduced the fifth generation of its Exploration and Production Sharing Agreement – a modernized framework designed to attract foreign investment. The framework features more attractive fiscal terms, balancing investor appeal with national interests. These efforts are expected to bolster exploration and production in the country, consolidating its position as a major global hydrocarbon supplier.
ExxonMobil’s return to Libya is also poised to support the country’s goals of adding 8 billion barrels of crude oil to its proven reserves over the next 25 years. Striving to increase production to two million barrels per day, the country is promoting investment in frontier and proven acreage, with basins like Sirte offering significant potential for impactful discoveries. ExxonMobil brings substantial expertise to Libya’s Sirte basin, with experience gained in other markets across the continent set to support its exploration efforts across the North African country. Notably, the company is making significant investments in Nigeria’s deepwater bocks following sustained production at the Erha and Owowo fields. In Angola, the company has extended its license for Block 15 until 2037, where it continues to maintain production from the prolific Kizomba deepwater project. A renewed production sharing contract was also signed for Block 17 in Angola, reflecting the company’s commitment to maximizing output at mature assets.
In the gas sector, ExxonMobil is making headway at the Rovuma LNG project in Mozambique. Situated in Area of the Rovuma basin, the project aims to bring an additional 18 million tons per annum of LNG to the market. The project is expected to reach a final investment decision in 2026, with production slated for 2028. Complementing both the operational Coral Sul FLNG facility and the upcoming Coral North FLNG project, Rovuma LNG will augment Mozambique’s position as a top global LNG supplier.
“ExxonMobil’s success in other strategic markets in Africa reflects both its expertise and commitment to unlocking the continent’s hydrocarbon potential. The company’s return to Libya is set to bring significant opportunities, from potential discoveries to new developments to industry partnerships and local content development. The chamber commends ExxonMobil and the NOC for the recent deal signed and looks forward to a fruitful collaboration between the companies,” stated NJ Ayuk, Executive Chairman of the AEC.
