Joint Venture in Libya
MOL Group has expanded its international portfolio by entering a joint venture with Repsol and Türkiye Petrolleri A.O. (TPAO) for an offshore exploration area in the Mediterranean Sea. Repsol will operate the project with a 40% share, TPAO also holds 40%, and MOL Group has a 20% share.
Licensing Round and Exploration Rights
In March 2025, Libya’s National Oil Corporation (NOC) reopened its first licensing round in 17 years, offering 22 exploration areas. The consortium submitted a joint bid for the O7 offshore block and won the right to conduct hydrocarbon exploration.
O7 Block Details
The O7 block covers more than 10,300 km² in water depths exceeding 1,500 meters, located approximately 140 kilometers northwest of Benghazi. This deepwater setting aligns with the consortium’s extensive offshore experience.
Strategic Partnerships
MOL Group aims to maintain a production level of at least 90 thousand barrels of oil equivalent per day over the next five years. To achieve this, it seeks additional strategic partnerships and has recently signed agreements with national oil companies of Kazakhstan, Azerbaijan, Türkiye, and Libya.
