(WO) — MOL Group and its joint venture partners, Repsol and Türkiye Petrolleri A.O. (TPAO), have signed a production sharing agreement (PSA) for a deepwater offshore exploration block in Libya’s Mediterranean waters.
The agreement follows the consortium’s successful bid earlier this year for the O7 offshore block, where Repsol will serve as operator with a 40% interest. TPAO also holds a 40% stake, while MOL Group holds the remaining 20%.
Located approximately 140 km northwest of Benghazi, the O7 block covers more than 10,300 km² in water depths exceeding 1,500 m.
The minimum exploration work program includes acquisition of 1,500 km of 2D seismic data, 2,300 km² of 3D seismic data and the drilling of one exploration well.
Signing the PSA marks a key milestone in advancing exploration activities on the block and represents another step in Libya’s efforts to attract international investment to its upstream sector.
“We are excited that our joint project with Repsol and TPAO has entered a new phase with the signing of a production sharing agreement,” said Zsombor Marton, executive vice president of exploration and production at MOL Group. “Libya holds strategic importance for Europe and offers an exceptional offshore exploration opportunity in North Africa.”
The deepwater project aligns with the consortium’s offshore operating experience and expands MOL’s presence in North Africa as the company continues to pursue international exploration and production opportunities.
The agreement follows the launch of a strategic partnership between MOL Group and Libya’s National Oil Corp. (NOC) earlier this year aimed at expanding cooperation in the oil and gas sector and identifying future development opportunities.
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