MOL Group, Repsol and Türkiye Petrolleri join forces to explore offshore deposits in Libya

In March 2025, Libya's National Oil Corporation (NOC) began awarding oil exploration and production rights again after 17 years. In the first licensing round, it offered 22 exploration areas. MOL Group (20 %), together with Repsol (40 %, operator) and TPAO (40 %), submitted a joint bid for offshore block O7 in the Mediterranean Sea and was successful – securing the right to explore for hydrocarbon deposits.

Block O7, at a water depth of more than 1 500 metres, covers an area of more than 10 300 square kilometres and is located approximately 140 kilometres northwest of Benghazi, Libya. Its deepwater location is well suited to the consortium's extensive experience in offshore projects.

“Just two weeks after signing a strategic partnership agreement with Libya's National Oil Corporation, MOL Group is entering Libya. By joining forces with two experienced operators, Repsol and TPAO, MOL Group is ready to contribute to one of the most promising opportunities in North Africa's offshore areas. For MOL Group, entering Libya is more than geographical expansion, as it could be a significant step towards diversifying sources and strengthening security of supply in the landlocked countries of our region. We are grateful for the support provided by the governments of both countries,” said Zsolt Hernádi, Chairman and CEO of MOL Group.

MOL Group's international portfolio includes oil and natural gas exploration and production assets in nine countries, with production taking place in eight of them – Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt and Hungary. In pursuing the updated target of its SHAPE TOMORROW strategy – production of at least 90 thousand barrels of oil equivalent per day over the next 5 years – MOL Group is focusing on further strengthening its international portfolio and seeking new strategic partnerships. It recently signed cooperation agreements with Kazakhstan's National Oil Company (KazMunayGas), Azerbaijan's National Oil Company (SOCAR), Türkiye's National Oil Company (TPAO) and Libya's National Oil Corporation (NOC). 

On 30 January 2026, MOL Group entered into a new strategic partnership with Libya's National Oil Corporation (NOC), taking another significant step towards expanding international cooperation in the oil and natural gas sector. The memorandum of understanding, signed in Budapest by MOL Group Chairman and CEO Zsolt Hernádi and NOC Chairman Masoud Suleman, established a framework for intensive cooperation between the two companies. 

The agreement outlines joint plans in key areas including hydrocarbon exploration and production, technological innovation, as well as crude oil trading and oilfield services in Libya. Through this partnership, MOL and NOC aim to exchange expertise, deepen technological cooperation in the development of production fields and identify new business opportunities that will strengthen the international presence and future growth of both organisations.