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Libya’s National Oil Corporation signed a memorandum of understanding with Exxon Mobil (NYSE:XOM), Reuters reported late Monday, more than a decade after the U.S. oil giant halted activity halt in the country due to security reasons.
NOC said the MoU focuses on conducting detailed geological and geophysical studies to identify the hydrocarbon resources in four offshore blocks located off the northwest coast and Libya’s Sirte Basin.
Exxon (NYSE:XOM) cut back its staff and operations in Libya in 2013, saying the returns on offer from the country no longer justified the increasing security and political risks.
Libya’s oil production has been disrupted repeatedly in the chaotic years since; for example, in August a year ago, Libya lost more than half of its oil output – ~700K bbl/day – and exports were halted at several ports due to a standoff between rival political factions.