(WO) – MOL Group is expanding its international upstream portfolio with a new offshore exploration position in Libya, after securing an exploration block in the Mediterranean through a joint venture with Repsol and Türkiye Petrolleri A.O. (TPAO).
The consortium was awarded exploration rights for the O7 offshore block as part of Libya’s first licensing round in 17 years, launched by the National Oil Corporation (NOC) in March 2025. Repsol will operate the project with a 40% interest, while TPAO also holds 40% and MOL Group will take a 20% stake.
The O7 block spans more than 10,300 sq km in water depths exceeding 1,500 m and is located approximately 140 km northwest of Benghazi. The deepwater acreage aligns with the partners’ offshore experience and forms part of Libya’s broader effort to attract international investment and revitalize exploration activity in its Mediterranean waters.
MOL said the Libya entry follows the recent signing of a strategic cooperation agreement with NOC aimed at expanding collaboration across exploration and production, technology deployment, crude trading and oilfield services. The agreement establishes a framework for joint technical work and identification of additional upstream opportunities in the country.
Company leadership said the new venture supports MOL’s strategy to diversify supply sources and strengthen regional energy security while maintaining a production target of at least 90,000 boed over the next five years. MOL currently holds upstream assets across nine countries, with production in eight, including Croatia, Azerbaijan, Iraq, Kazakhstan, Pakistan and Egypt.
Libya’s reopened licensing round, which offered 22 exploration areas, marks a renewed push by NOC to attract international partners and accelerate offshore exploration following years of underinvestment and political disruption.
