MOL Expands Into Libya With Repsol and TPAO in Offshore Exploration Push

Hungary’s MOL Group is entering Libya’s upstream assemblage done a associated offshore exploration task with Repsol and Türkiye Petrolleri A.O., marking its latest determination to grow its planetary footprint.

The consortium won the close to research Libya’s O7 offshore artifact arsenic portion of the country’s archetypal licensing circular successful 17 years, reopened by National Oil Corporation successful March 2025. Repsol volition run the task with a 40% stake, TPAO volition clasp 40%, and MOL volition instrumentality a 20% interest.

The O7 artifact spans much than 10,300 quadrate kilometers successful deepwater areas exceeding 1,500 meters, astir 140 kilometers northwest of Benghazi. The deepwater Mediterranean mounting plays to the offshore acquisition of the consortium partners, peculiarly Repsol and TPAO.

Libya, Africa’s second-largest lipid shaper aft Nigeria, holds Africa’s largest proven crude reserves, but governmental instability since 2011 has constrained concern and production. The reopening of the licensing circular signals Tripoli’s propulsion to revive exploration and boost output, presently fluctuating astir 1.2–1.3 cardinal barrels per day.

For MOL, the determination strengthens its upstream diversification strategy. The institution presently produces lipid and state successful 8 countries and aims to support accumulation supra 90,000 barrels of lipid equivalent per time implicit the adjacent 5 years nether its SHAPE TOMORROW strategy. MOL has precocious signed practice agreements with nationalist lipid companies successful Kazakhstan, Azerbaijan, Türkiye, and Libya.

CEO Zsolt Hernádi said the Libyan introduction represents some geographic enlargement and a measurement toward enhancing proviso information for Central Europe.

The woody besides deepens vigor ties betwixt Libya and Türkiye, which has steadily accrued its economical footprint successful North Africa, peculiarly successful offshore improvement and infrastructure.

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