MOL Group has signed a Production Sharing Agreement (PSA) with Libya's National Oil Corporation (NOC), together with partners Repsol and Türkiye Petrolleri Anonim Ortaklığı (TPAO), marking a significant step in restarting offshore exploration activity in Libyan waters.
The agreement moves the consortium into a new exploration phase and reflects Libya's continued efforts to attract international investment to its upstream sector. Offshore Libya remains one of the Mediterranean's most prospective but underexplored petroleum provinces, offering opportunities to evaluate new plays using modern geophysical and geological workflows.
The consortium is expected to undertake exploration activities aimed at improving understanding of the offshore subsurface and identifying new hydrocarbon prospects. For geoscientists, renewed exploration in Libya presents opportunities to apply contemporary seismic imaging, basin analysis and petroleum systems evaluation to acreage that has seen relatively limited recent activity.
In announcing the agreement, Zsombor Marton, Executive Vice President of Exploration and Production at MOL Group, highlighted both the geological opportunity and the broader strategic importance of the project:
"We are excited that our joint project with Repsol and TPAO has entered a new phase with the signing of a production sharing agreement. This also means a new milestone in the revitalisation of Libya's oil and gas industry. Libya holds strategic importance for Europe and offers an exceptional offshore exploration opportunity in North Africa."
For Libya, the project represents an important step towards revitalising offshore exploration and expanding geological knowledge of one of North Africa's key petroleum provinces.
