Energy Capital Power reported on Thursday that Hungary’s MOL Group is expanding its international exploration and production portfolio through a new offshore exploration site in Libya, after securing an exploration area in the Mediterranean Sea through a joint venture with Repsol and Türkiye Petrolleri (TPAO).
According to the website, the consortium obtained exploration rights for offshore Block O7 as part of Libya’s first licensing round in 17 years, launched by the National Oil Corporation (NOC) in March 2025.
The site indicated that Repsol will operate the project with a 40% stake, while TPAO will also hold 40%, and MOL Group will acquire a 20% stake.
The report added that Block O7 covers an area exceeding 10,300 square kilometers in waters deeper than 1,500 meters and is located approximately 140 kilometers northwest of Benghazi. This deepwater acreage aligns with the partners’ offshore exploration expertise and forms part of Libya’s broader efforts to attract international investment and revitalize exploration activities in its Mediterranean waters.
MOL announced that its entry into Libya follows the signing of a strategic cooperation agreement with the National Oil Corporation aimed at expanding collaboration in exploration and production, technology deployment, crude oil trading, and oilfield services. The agreement establishes a framework for joint technical work and identifying additional opportunities in Libya’s upstream sector.
The website explained that the reopened licensing round, which offered 22 areas, represents a renewed push by the National Oil Corporation to attract international partners and accelerate offshore exploration after years of underinvestment and political instability.
