Exxon Mobil strikes Libya oil exploration deal

US oil giant Exxon Mobil announced the signing of an agreement with Libya to explore offshore energy deposits in an area comprising 2.5 million acres (one million hectares).

The agreement covers the Cyrenaica Basin Contract Area 44 lying in water up to 10,000 feet (3,050 metres) in depth, and was awarded in a second round of licensing in October, Exxon Mobil Libya Ltd said.