Libya's National Oil Corporation said on Monday it signed a memorandum of understanding with U.S. oil giant ExxonMobil after a decade of activity halt in the North African country due to security reasons.

The deal was inked Monday in London and will see ExxonMobil conduct a detailed technical study of four offshore blocks near Libya’s northwestern coast and the Sirte Basin to assess their hydrocarbon potential.

Libya's National Oil Corporation signed a memorandum of understanding with Exxon Mobil (NYSE:XOM), Reuters reported late Monday, more than a decade after the U.S. oil giant halted activity halt in the country due to security reasons.