The strategic partnership agreement sets out the framework for NOC and MOL to exchange information and jointly explore potential areas of cooperation. (Image source: Adobe Stock)

Hungary’s MOL Group has signed a memorandum of understanding (MoU) with Libya’s National Oil Corporation (NOC) for cooperation in hydrocarbons exploration, technological innovation and crude trading, as international interest in Libya hots up

The strategic partnership agreement sets out the framework for NOC and MOL to exchange information and jointly explore potential areas of cooperation. These include hydrocarbon exploration and production, technological and field development innovations, oilfield services opportunities in Libya, crude supply and trading activities.

"We recognise Libya’s oil and gas industry as a pillar of strength and expertise. I am sure that this new agreement will act as a catalyst for further expanding our international portfolio, creating clear mutual value for both companies and reinforcing the resilience of our region. From the perspective of security of supply and energy sovereignty, particularly for landlocked countries, diversification of sources is of crucial importance. Our cooperation also goes beyond business, as we have agreed to rebuild our educational, scientific, and university ties in order to learn as much as possible from each other. Such partnerships can also help Europe to find its own path to competitiveness, rather than switching between different forms of energy dependency,” – said Zsolt Hernádi, chairman and CEO of the MOL Group.

The agreement comes as 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, recently signing cooperation agreements with the national oil company of Kazakhstan (KazMunayGas), the national oil company of Azerbaijan (SOCAR), and the national oil company of Türkiye (Turkish Petroleum). The company has oil and gas exploration and production assets in nine countries, with production in eight countries: in Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt, and Hungary.

The agreement also reflects the hotting up of international interest in Libya. Chevron recently signed an MoU with NOC to evaluate exploration and development opportunities, while TotalEnergies has signed an agreement extending the Libya Waha Concessions up to 2050, paving the way for further investments. TGS has a global provider of energy data and intelligence, has just signed a Letter of Intent (LOI) with North Africa Geophysical Company, (NAGECO),a subsidiary of the NOC to advance high-quality subsurface data, supporting Libya’s upstream development through modern, fit-for-purpose data and technology solutions. Libya’s latest upstream licensing round launched in March 2025, the first in 18 years, has attracted more than 40 bids, signalling growing international interest in Libya’s largely untapped hydrocarbon potential.

The deal paves the way for further investment. (Image source: TotalEnergies)

TotalEnergies has signed an agreement extending the Libya Waha Concessions up to December 31, 2050, paving the way for further investments and strengthening TotalEnergies’ presence in the country

The Waha concessions are held by NOC (59.16%), TotalEnergies (20.42%) and ConocoPhillips (20.42%) and are operated by Waha Oil Company (WOC), a company 100% owned by NOC.

This agreement sets new fiscal terms allowing to increase the production of these concessions, currently producing around 370,000 barrels of oil equivalent per day (boe/d). It clears the way for a new phase of investments, including the development of the North Gialo field, which is expected to add 100,000 boe/d of production.

“As we celebrate 70 years of presence in Libya, we are pleased to sign this agreement, and I would like to thank the Libyan authorities for their continued support, in particular Dr. Khalifa Rajab Abdulsadek, Minister of Oil and Gas of Libya and Masoud Suleman, chairman of the National Oil Corporation (NOC),” said Patrick Pouyanné, chairman and chief executive officer of TotalEnergies.

“TotalEnergies reaffirms its long-standing commitment to working alongside its partners to increase Waha’s production, starting with the development of the North Gialo field. Extending the Waha concession, with its low cost and low emission giant resources offering many opportunities to grow production, fits perfectly with our strategy.”

TotalEnergies has been present in Libya since 1956. In 2025, the company’s production in the country averaged 113,000 barrels of oil equivalent per day, from the offshore Al Jurf field (TotalEnergies 37.5%), the onshore El Sharara area (TotalEnergies 15% in former Block NC 115 and 12% in former Block NC 186), and the onshore Waha concessions (TotalEnergies 20.42%).

The agreement was signed during the Libya Energy & Economy Summit in Tripoli, where NOC chairman Engineer Masoud Suleman emphasised the substantial progress Libya has made in oil and gas production. He pointed out that this advancement occurred despite the ongoing challenges, particularly global price volatility. According to NOC figures, Libya recorded the highest average production rate in 2025 in comparison to the last decade, at 1.374mn bpd, with total crude oil production for the year reaching 501mn barrels.

Eng. Suleman noted that the NOC’s strategy targets an initial production increase to 1.6mn bpd, with a subsequent goal of reaching 2 million barrels per day in the medium term.

Majors have shown increased interest in Libya, with TotalEnergies amongst those actively pursuing exploration and production opportunities. Libya’s latest upstream licensing round launched in March 2025, the first in 18 years, has attracted more than 40 bids, signalling growing international interest in Libya’s largely untapped hydrocarbon potential.

The project will combine the recognised OBN expertise of both parties to deliver an unparalleled subsurface dataset for Egypt and international exploration partners. (Image courtsey of EGAS)

Image courtesy of EGAS

Viridien and SLB have entered into an agreement with the Egyptian Natural Gas Holding Company (EGAS) to launch a major multi-client ocean bottom node (OBN) seismic acquisition and imaging programme in Egypt’s Eastern Mediterranean offshore

The largest project of its kind in the region, it will combine the recognised OBN expertise of both parties to deliver an unparalleled subsurface dataset for Egypt and international exploration partners, which will be available through a multi-client model. Data acquisition is scheduled to begin in the first quarter of 2026.

The project will give explorers and investors a clearer understanding of the region’s complex subsurface and help them identify new opportunities for exploration and enhanced production, as the country looks to boost production and decrease its reliance on imported fuel. The gpvernment is actively addressing policies to support an encouraging work environment for global investors,with a view to accelerating oil exploration and production rates, and there have been some encouraging new discoveries recently.

Mahmoud Abdel Hamid, chairman of EGAS, said: “The Egyptian Eastern Mediterranean has great potential for development but features some of the most challenging environments for seismic imaging owing to the complex faulting and the Messinian evaporite layer that masks deep reservoirs formed from complex channel sand bodies. We are pleased to work with our partners, Viridien and SLB, who have decades of specialised imaging expertise in the region and will apply their cutting-edge technologies to deliver the clearest insight into the subsurface to help operators better evaluate and prioritise opportunities.”

Dechun Lin, head of Earth Data, Viridien, said: “This agreement with SLB and EGAS marks a significant milestone for Viridien, giving new momentum to our commitment to Egypt as a key partner with over 30 years of in-country operating experience. Expanding our multi-client data library into the Egyptian Eastern Mediterranean with our advanced OBN imaging technologies will help showcase Egypt’s subsurface opportunities to the world.”

The consortium will explore in Block 8, offshore Lebanon. (Image source Adobe Stock)

The Lebanese government has signed an agreement with an international consortium for exploration in Block 8 offshore Lebanon

The consortium, consisting of operator TotalEnergies (35%) with its partners Eni (35%) and QatarEnergy (30%), have signed an agreement with the Lebanese government to enter Block 8 exploration permit offshore Lebanon. Block 8 is located about 70 km off the southern coast of Lebanon in water depths of approximately 1,700-2,100 m. 

TotalEnergies and Eni were several years ago involved in a consortium with Russia’s Novotek to explore in two blocks in the Mediterranean sea, but this was unsuccessful, with the maritime border dispute with Israel (now resolved) impeding progress in one of the blocks. Qatar Energy partnered with TotalEnergies and Eni in early 2023 to explore blocks 4 and 9, marking its first exploration venture in Lebanon. However, exploration in Block 9 has not been successful.

The first step in the consortium’s work on Block 8 will be the acquisition of a 1,200 sq. km 3D seismic survey, in order to further assess the area's exploration potential.

“Although the drilling of the well Qana 31/1 on Block 9 did not give positive results, we remain committed to pursue our exploration activities in Lebanon. We will now focus our efforts on Block 8, together with our partners Eni and QatarEnergy and in close cooperation with Lebanese authorities,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.

His Excellency Mr. Saad Sherida Al-Kaabi, Qatar's Minister of State for Energy Affairs, the president and CEO of QatarEnergy, said, “We are pleased to secure this exploration block, which allows us to support the development of Lebanon’s upstream oil and gas sector reflecting and reaffirming the State of Qatar’s ongoing commitment towards a brighter future for Lebanon and its people.”

Lebanon’s Ministry of Energy and Water, in cooperation with the Petroleum Administration, is reported to be working on reforms to modernise licensing procedures, in advance of the launch of a fourth licensing round. The government is keen to encourage further international exploration and development to revive the country’s oil and gas sector and aid the recovery of the country’s ailing economy. Lebanon recently signed an agreement with Egypt for the supply of Egyptian gas to ease its chronic power shortages, and also signed a maritime gas zone agreement with Cyprus, opening the way for further exploration and development and the unlocking of Lebanon’s undoubted offshore potential.