ExxonMobil Set to Sign Major Offshore Deal with Libya as U.S. Deepens Energy Ties
ExxonMobil is on the verge of signing a groundbreaking offshore exploration agreement with Libya’s National Oil Corporation (NOC), marking a significant milestone in the revival of Libya’s energy sector. The announcement came directly from the United States Embassy in Libya following remarks by Masad Boulos, Senior Advisor to the U.S. President for African Affairs, during his recent visit to Tripoli.
The American oil giant is expected to finalize a memorandum of understanding that will grant access to offshore blocks in Libyan waters, signaling renewed confidence in Libya’s political stability and energy potential. This development comes as Libya, holder of Africa’s largest proven oil reserves, positions itself as a crucial energy supplier to Europe amid shifting global dynamics.
Adding to the momentum, ConocoPhillips is simultaneously finalizing a separate agreement to boost production at the Waha Oil Company, one of Libya’s largest joint ventures. These dual American investments underscore the strengthening of U.S.-Libyan economic ties and the international community’s growing faith in Libya’s recovery trajectory.
Libya’s NOC has been actively courting foreign investment as part of ambitious plans to restore production capacity to pre-conflict levels, with a target of reaching 2 million barrels per day in the coming years.
Source: Upstream
