Exxon Mobil subsidiary signs EPSA with Libya's National Oil Corporation

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Exxon Mobil Corporation has confirmed that its subsidiary, ExxonMobil Libya Limited, had signed an Exploration and Production Sharing Agreement (EPSA) with Libya's National Oil Corporation (NOC) to start exploration activity offshore Libya.

The agreement covers the large Cyrenaica Basin Contract Area 44, which was awarded in the second round of EPSA IV licensing in October. According to a press statement, the contract area comprises 2.5 million acres and is located offshore in water depths ranging from approximately 10 feet to more than 10,000 feet.

"We are pleased to be back in business in Libya with our success in the second licensing round," said Phil Goss, President and General Manager of ExxonMobil Libya Limited. "In the past we worked closely with our Libyan partners to achieve many firsts in the Libyan Petroleum industry, such as discovering and producing the first Libyan oil field, shipping the first oil to market and building the Marsa El Brega facility including the LNG plant. We look forward to working with the NOC and Libyan government to achieve great successes in Libya once again."