Exxon Mobil Corporation announced that its subsidiary,
ExxonMobil Libya Limited, has signed an Exploration and Production Sharing Agreement (EPSA) with Libya's National Oil Corporation (NOC) to begin 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. 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.