Hungary’s MOL Group partners with Repsol and Türkiye Petrolleri A.O. for offshore exploration in Libya. The consortium secures rights to explore the O7 offshore block, Libya’s first licensing round in 17 years. The block covers 10,300 sq km in deepwater areas northwest of Benghazi.

Libya, Africa’s second-largest oil producer, aims to revive exploration and boost output through licensing rounds. The country holds Africa’s largest proven crude reserves but has faced political instability since 2011. Current oil production fluctuates around 1.2-1.3 million barrels per day.

MOL Group strengthens its upstream diversification with the Libyan venture. The company produces oil and gas in eight countries and aims to maintain production above 90,000 barrels of oil equivalent per day. CEO Zsolt Hernádi sees this move as a step towards enhancing supply security for Central Europe.

The deal between MOL Group, Repsol, and Türkiye Petrolleri A.O. deepens energy ties between Libya and Türkiye. This partnership aligns with Türkiye’s increased economic presence in North Africa, particularly in offshore development and infrastructure. CEO Hernádi sees this as a strategic move for the company’s future growth.

Read more at Yahoo Finance: MOL Expands Into Libya With Repsol and TPAO in Offshore Exploration Push