MOL Group, Repsol, and TPAO sign production sharing agreement for deepwater oil and gas exploration block O7 in Libya

Type: Partnership · Technology: Oil Gas · Country: Libya · Announced: 2026-06-16

Hungary's MOL Group, Spain's Repsol, and Türkiye's TPAO formalized a production sharing agreement for Libya's O7 offshore block, marking a strategic advancement in deepwater oil and gas exploration in the Mediterranean. Repsol will serve as the operator with a 40% stake, while TPAO holds 40% and MOL Group retains a 20% interest in the consortium. The O7 block spans over 10,300 square kilometers in water depths exceeding 1,500 meters, located approximately 140 kilometers northwest of Benghazi. The minimum work program includes acquiring 1,500 kilometers of 2D seismic data, 2,300 square kilometers of 3D seismic data, and drilling one exploration well. Zsombor Marton, MOL Group's Executive Vice President of Exploration and Production, highlighted the project's significance for Europe's energy security and Libya's economic revitalization. The agreement follows a January 2026 strategic partnership between MOL Group and Libya's National Oil Corporation (NOC) to expand upstream oil and gas cooperation.

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