MOL Group has signed a production sharing agreement with its partners, Repsol and Türkiye Petrolleri A. O. (TPAO) for an offshore exploration area in the Mediterranean Sea, after being granted an exploration licence by LIbya's NOC
The project will contribute to the revitalization of Libya’s oil and gas industry and marks a strategic milestone for Central Eastern Europe’s energy security, according to MOL.
The signing of the production sharing agreement represents a significant step in advancing exploration activities in Libya. MOL Group entered the country earlier this year through a successful bid with its JV partners for an offshore exploration licence in Libya’s first bidding round for 18 years, which attracted more than 40 bids, signalling growing international interest in Libya’s largely untapped hydrocarbon potential. Five blocks were awarded, with MOL (20%) together with Repsol (40% as operator) and TPAO (40%), being awarded the O7 offshore block.
The O7 block covers more than 10,300 km² in water depths exceeding 1,500 meters, located approximately 140 kilometres northwest of Benghazi. Its deepwater setting aligns with the consortium’s extensive offshore experience.
Activities in Block O7 will include the acquisition of 1,500 km 2D and 2,300 km² 3D seismic data and the drilling of one exploration well.
“We are excited that our joint project with Repsol and TPAO has entered a new phase with the signing of a production sharing agreement. This also means a new milestone in the revitalisation of Libya’s oil and gas industry and we are honoured to be part of it. Libya holds strategic importance for Europe and offers an exceptional offshore exploration opportunity in North Africa. We are committed to contributing our expertise to Libya’s economy, while also strengthening the energy security of Central Eastern Europe through a new source.“ said Zsombor Marton, executive vice president of MOL Group Exploration and Production.
The announcement follows the signing of a new strategic partnership between MOL Group and Libya’s National Oil Corporation (NOC) in January 2026 which involves exchanging expertise, deepening technological cooperation, and identifying new business opportunities that strengthen both organisations' international presence and future growth. Areas of potential co-operation included hydrocarbon exploration and production, technological and field development innovations, oilfield services opportunities in Libya, crude supply and trading activities.
MOL is looking to expand its international portfolio to maintain its strategy target of at least 90,000 barrels of oil equivalent/day production level over the next five years.
Libya’s oil production currently stands at around 1.4mn bpd. NOC aims to produce 1.6mn bpd by the end of 2026, rising to 2mn bpd in the medium term, and sees the participation of international companies as crucial to achieving its growth plans. Libya’s NOC has also signed production sharing agreements recently with Spain’s Repsol, in partnership with the Turkish Petroleum Corporation (TPAO); and Eni, in partnership wih QatarEnergy.
MOL signs Libya production sharing agreement with partners
