The MOL Group has signed a production sharing agreement for offshore hydrocarbon exploration in Libya, marking a significant step forward in the company’s expansion into North Africa and its efforts to strengthen energy security in Central and Eastern Europe.
According to a statement released by MOL Group, the agreement was signed alongside joint venture partners Repsol and Türkiye Petrolleri A O (TPAO) for an exploration area in the Mediterranean Sea where the consortium had previously secured exploration rights.
The project represents an important milestone for Libya’s oil and gas industry and follows the consortium’s successful bid for the offshore O7 block earlier this year.
Covering more than 10,300 square kilometres, the O7 block is located approximately 140 kilometres northwest of Benghazi in the Mediterranean Sea. The area lies in waters deeper than 1,500 metres and is considered one of Libya’s most promising offshore exploration regions.
Under the terms of the agreement, the consortium’s minimum work programme includes seismic data acquisition and the drilling of an exploratory well aimed at assessing the area’s hydrocarbon potential.
Marton Zsombor, Executive Vice President for Exploration and Production at MOL Group, said the project had entered a new phase with the signing of the agreement.
He described Libya as a strategically important country for Europe and highlighted the project’s potential to contribute both to the development of Libya’s energy sector and to the diversification of energy supplies for Central and Eastern Europe.
‘We are committed to contributing our expertise to Libya’s economy while strengthening the region’s energy security through the development of a new resource base,’ he said.
MOL noted that it further expanded its relationship with Libya earlier this year when it signed a strategic partnership agreement with National Oil Corporation (NOC) in January 2026. The cooperation aims to deepen technological collaboration, facilitate knowledge sharing, and identify new business opportunities that support the international growth ambitions of both companies.
The Hungarian energy company currently maintains oil and gas exploration and production assets in ten countries and operates producing fields in eight of them: Hungary, Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, and Egypt.
As part of its international growth strategy, MOL has also signed cooperation agreements with several national energy companies, including partners in Kazakhstan, Azerbaijan, Türkiye, and Libya.
Investors reacted positively to the announcement. Shares of MOL Group, a premium-listed company on the Budapest Stock Exchange, rose 1.28 per cent to 3,808 forints shortly after trading opened on Tuesday. Over the past year, the stock has traded between 2,642 and 4,472 forints.
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