The National Oil Corporation (NOC) of Libya announced a memorandum of understanding (MOU) with ExxonMobil on Monday, potentially jump-starting the oil giant’s activities in war-torn Libya after more than a decade of inactivity.
According to NOC, the memorandum encompasses geological surveys to explore four areas off the northwestern coast of Libya. Libya has enormous untapped offshore oil and gas reserves, added to the largest known onshore reserves on the African continent.
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