ExxonMobil Confirms High Bid in Libya Exploration Licensing Round

Exxon Mobil's subsidiary, ExxonMobil Libya Limited, was high bidder on the large Cyrenaica Basin Contract Area 44 in the latest Libyan tender. The National Oil Corporation made the announcement at the second Libyan Exploration Production Sharing Agreement IV Tender Round conducted on October 2. The tender was the second exploration round since the normalization of business relations between Libya and the United States.

"We are pleased to be re-establishing a business presence in Libya with our success in this second licensing round," said Tim Cejka, president of ExxonMobil Exploration Company.

Contract Area 44, which comprises 2.5 million acres, is located in the Cyrenaica Basin offshore in water depths ranging from approximately 10 feet to more than 10,000 feet. ExxonMobil was the only U.S. oil company named as a high-bidder in the license round.