MOL Joins Repsol and TPAO in Libya's O7 Offshore Exploration Venture

MOL Group has entered Libya's upstream sector via a joint offshore exploration venture with Repsol and Türkiye Petrolleri A.O. in the O7 block as part of the country's first licensing round in 17 years, reopened March 2025. Repsol will operate with a 40% stake, TPAO 40%, and MOL 20%. The deepwater O7 block exceeds 1,500 meters depth, spanning over 10,300 square kilometers, about 140 km northwest of Benghazi. The move advances MOL's SHAPE TOMORROW strategy to maintain oil and gas production above 90,000 barrels of oil equivalent per day and expands its upstream diversification across eight countries.