11:07 AM EDT, 07/08/2025 (MT Newswires) -- (Updates with Shell's confirmation in the sixth paragraph and the latest stock movement in the seventh paragraph.)

BP (BP) and Shell (SHEL) signed separate agreements with Libya's National Oil Corp., or NOC, to explore hydrocarbon prospects, NOC said Monday.

BP said it signed a memorandum of understanding with NOC to explore redevelopment opportunities in the Messla and Sarir oil fields as well as evaluate the "wider unconventional" oil and gas potential in Libya.

BP also confirmed plans to reopen its office in the Libyan capital of Tripoli in the last quarter of this year, the NOC said, adding that the oil giant will conduct studies to evaluate the potential for hydrocarbon exploration and production in the two fields.

Additionally, the NOC said Shell will assess hydrocarbon prospects and carry out a technical and economic feasibility study to develop the al-Atshan field and other fields fully owned by the NOC, except those where third parties have rights.

Financial terms were not disclosed.

A Shell spokesperson confirmed to MT Newswires in an email Tuesday that the company struck a memorandum of understanding with the NOC to evaluate potential opportunities in Libya's oil and gas industry.

BP's stock was up 3% in recent Tuesday trading, while Shell's shares were 1.5% higher.

Price: 31.17, Change: +0.92, Percent Change: +3.04