MOL Group, Repsol, TPAO sign agreement for Libyan offshore exploration

Hungarian lipid and state institution MOL Group has entered into a accumulation sharing statement with Repsol and Türkiye Petrolleri A. O. (TPAO) covering offshore hydrocarbon exploration successful Libya.

The agreement, signed pursuing the granting of an exploration licence, enables the consortium to proceed with activities successful the O7 artifact successful the Mediterranean Sea.

The associated task (JV) includes Repsol acting arsenic relation with a 40% stake, TPAO holding 40% and MOL Group 20%.

Earlier this year, the radical submitted a palmy bid for the O7 artifact located astir 140km north-west of Benghazi. The acquired artifact covers much than 10,300km² and lies successful h2o depths surpassing 1,500m.

Planned enactment connected Block O7 is acceptable to impact the postulation of 1,500km of 2D seismic data, 2,300km² of 3D seismic information and the drilling of 1 exploration well.

The companies stated that the deepwater characteristics of the country lucifer the consortium's erstwhile offshore experience.

MOL Group exploration and accumulation enforcement vice-president Zsombor Marton said: "We are excited that our associated task with Repsol and TPAO has entered a caller signifier with the signing of a accumulation sharing agreement. This besides means a caller milestone successful the revitalisation of Libya's lipid and state industry, and we are honoured to beryllium portion of it.

"Libya holds strategical value for Europe and offers an exceptional offshore exploration accidental successful North Africa. We are committed to contributing our expertise to Libya's economy, portion besides strengthening the vigor information of cardinal eastbound Europe done a caller source."

MOL Group entered the Libyan marketplace done a strategical concern with the National Oil Corporation announced successful January 2026.

The concern aims to foster expertise sharing, grow technological practice and research caller concern opportunities successful the lipid and state sector.

In January this year, MOL Group signed a heads of statement with Gazprom Neft to get the latter's 56.15% involvement successful Naftna Industrija Srbije for an undisclosed price.

"MOL Group, Repsol, TPAO motion statement for Libyan offshore exploration" was primitively created and published by Offshore Technology, a GlobalData owned brand.