ExxonMobil is reportedly preparing to re-enter Libya’s energy sector through a preliminary agreement that would grant the company rights to explore offshore natural gas resources.
The move would mark ExxonMobil’s first major activity in Libya in nearly a decade, signaling a broader return of international energy companies to the oil-rich North African nation.
According to Energy Intelligence, the American energy giant is also participating in Libya’s first oil and gas licensing round in years, organized by the country’s National Oil Corporation (NOC). Over 40 international firms have reportedly expressed interest in the bidding process, as Libya opens its vast and largely untapped reserves to foreign investment once again.
Libya, home to more than 90 billion barrels of undeveloped oil and gas reserves, is seeking to boost its current oil production—estimated between 1.3 and 1.4 million barrels per day—to 2 million barrels daily within the next three years. That goal depends heavily on attracting new investment, particularly in offshore and underexplored regions.
ExxonMobil’s renewed interest underscores the country’s long-term energy potential, especially in the face of global energy demand shifts and growing competition for new gas supply routes. If finalized, the deal would enhance Libya’s efforts to stabilize its energy sector and restore its role as a key global supplier.
The timing also aligns with ExxonMobil’s strong performance in international markets. Wall Street analysts have projected a one-year target price for ExxonMobil shares at $123, up from a current price of $112.20, with some forecasts reaching as high as $140—reflecting optimism about the company’s global expansion strategy.
