MOL Group has entered into a significant production sharing agreement for offshore hydrocarbon exploration activities within Libya. This development marks a substantial advancement in the company’s strategic expansion into the North African region and its ongoing efforts to reinforce energy security across Central and Eastern Europe.
The agreement regarding Libya offshore exploration, announced by MOL Group, was concluded in collaboration with joint venture partners Repsol and Türkiye Petrolleri A.O. (TPAO). The consortium had previously secured exploration rights for an area situated in the Mediterranean Sea. This Libya offshore exploration undertaking represents an important milestone for Libya’s oil and gas industry, building upon the consortium’s earlier successful bid for the offshore O7 block.
The O7 block encompasses an area exceeding 10,300 square kilometers and is located approximately 140 kilometers northwest of Benghazi, in the Mediterranean Sea. The region is characterized by depths greater than 1,500 meters and is recognized as one of Libya’s most promising offshore exploration zones. The consortium’s commitment under the agreement includes a minimum work program that involves seismic data acquisition and the drilling of an exploratory well, designed to assess the hydrocarbon potential of the area.
Marton Zsombor, Executive Vice President for Exploration and Production at MOL Group, commented on the progression of the project, noting that the signing of the agreement has propelled the initiative into a new phase. He highlighted Libya’s strategic importance to Europe and emphasized the project’s potential to contribute to both the development of Libya’s domestic energy sector and the diversification of energy supplies for Central and Eastern Europe.
MOL also extended its engagement with Libya earlier in the year, having finalized a strategic partnership agreement with the National Oil Corporation (NOC) in January 2026. This collaboration is geared towards deepening technological cooperation, fostering knowledge exchange, and identifying new commercial opportunities that align with the international growth aspirations of both entities.
Currently, the Hungarian energy company holds oil and gas exploration and production assets in ten countries, with producing fields operational in eight: Hungary, Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, and Egypt. As part of its international growth strategy, MOL has established cooperation agreements with several national energy companies, including partners in Kazakhstan, Azerbaijan, Türkiye, and Libya.
