MOL Group has further expanded its international portfolio by entering Libya through a successful joint bidding with Repsol and Türkiye Petrolleri (TPAO) for an offshore exploration area in the Mediterranean Sea.
In the joint venture, Repsol will be the operator of the project with 40% share, TPAO also holds 40% and MOL Group enters the project with a 20% share.
In March 2025, Libya’s National Oil Corporation (NOC) reopened its first licensing round in 17 years, offering 22 exploration areas.
Together with Repsol (40%, operator) and TPAO (40%), MOL Group (20%) has submitted a joint bid for the O7 offshore block and won the right to conduct hydrocarbon exploration.
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.
”I am pleased to announce that just two weeks after signing the strategic partnership agreement with Libya’s National Oil Corporation, MOL Group enters to Libya. By joining forces with two experienced operators, Repsol and TPAO, MOL is ready to contribute to and benefit from one of North Africa’s most promising offshore exploration opportunities.
“For MOL, entering Libya represents more than a geographical expansion – this joint development might represent a significant step forward in diversifying sources and strengthening the security of supply in the landlocked countries of our region. We are grateful for the support we have received from the governments of both countries now and in the future,” said Zsolt Hernádi, chairman and CEO of the MOL Group.
MOL Group to enter Libya in joint venture with Repsol and Türkiye Petrolleri
