MOL Group has signed a production-sharing agreement for offshore exploration in Libya. The project includes seismic data acquisition and an exploratory drilling campaign.
The agreement was concluded with its joint venture partners Repsol and Türkiye Petrolleri A.O. (TPAO) for an offshore exploration block in the Mediterranean Sea. The progress of this North African offshore project will contribute to strengthening Libya’s oil and gas industry and represents an important strategic milestone for the energy security of Central and Eastern Europe.
Block O7 covers an area of more than 10,300 km² offshore, lies in water depths exceeding 1,500 meters, and is located approximately 140 km northwest of Benghazi.
As part of MOL Group’s international portfolio, the company holds oil and gas exploration and production assets in ten countries and is actively operating in eight of them: Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt, and Hungary. MOL intends to further expand its international portfolio and pursue additional strategic partnerships. To this end, cooperation agreements have already been signed with the state oil companies of Kazakhstan, Azerbaijan, and Türkiye.