MOL Group Partners with Libya's NOC in Oil Industry
- MOL Group and Libya's NOC signed a Memorandum of Understanding in Budapest.
- The agreement covers hydrocarbons exploration, tech innovation, and crude trading.
- MOL aims to maintain a production level of 90,000 barrels of oil equivalent per day.
- MOL has signed recent agreements with national oil companies of Kazakhstan, Azerbaijan, and Türkiye.
Partnership Agreement
MOL Group and Libya's National Oil Corporation (NOC) have signed a Memorandum of Understanding in Budapest. This agreement establishes a strategic partnership focusing on hydrocarbons exploration, technological innovation, and crude trading.
Areas of Cooperation
The partnership framework allows MOL and NOC to exchange information and explore joint opportunities in hydrocarbon exploration and production, technological and field development innovations, and oilfield services in Libya. It also includes crude supply and trading activities.
Strategic Goals
MOL aims to maintain a production level of at least 90,000 barrels of oil equivalent per day over the next five years. To achieve this, MOL is strengthening its international portfolio and seeking additional strategic partnerships.
Recent Collaborations
MOL has recently signed cooperation agreements with the national oil companies of Kazakhstan (KazMunayGas), Azerbaijan (SOCAR), and Türkiye (Turkish Petroleum). These agreements include onshore exploration in Azerbaijan's Samakhi-Gobustan region and joint exploration in Hungary with Turkish Petroleum.
Source: MOL Group