MOL Group signs production sharing agreement for Libya O7 offshore block
- Production sharing agreement signed with Repsol (40% operator), TPAO (40%) and MOL Group (20%) for the O7 offshore block in Libya.
- Block O7 covers more than 10,300 km² in water depths exceeding 1,500 meters, about 140 km northwest of Benghazi.
- Minimum work commitment: acquisition of 1,500 km of 2D and 2,300 km² of 3D seismic data, plus drilling one exploration well.
- MOL Group entered Libya earlier this year after a successful joint bid with the same JV partners for the exploration licence.
Deal and partners
MOL Group has signed a production sharing agreement with its joint-venture partners Repsol and Türkiye Petrolleri A.O. (TPAO) for an offshore exploration area in the Mediterranean Sea after being granted an exploration licence. The joint bid for the O7 offshore block awarded Repsol and TPAO 40% each and MOL Group 20%, with Repsol acting as operator.
Block details and work programme
Block O7 covers more than 10,300 km² in water depths exceeding 1,500 metres and lies roughly 140 kilometres northwest of Benghazi. The minimum work commitment includes acquisition of 1,500 km of 2D seismic and 2,300 km² of 3D seismic data, and the drilling of one exploration well.
Strategic context and comment
The consortium says the deepwater setting aligns with its offshore experience and describes the project as contributing to the revitalisation of Libya’s oil and gas industry and to Central Eastern Europe’s energy security. Zsombor Marton, Executive Vice President of MOL Group Exploration and Production, said the agreement marks a new phase for the joint project and underlined the partners' commitment to contribute expertise to Libya’s economy.
Source: MOL Group