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MOL Group signed a production sharing agreement with its partners Repsol and Türkiye Petrolleri AO (TPAO) to exploit an area in the Mediterranean Sea. This initiative formalizes the rights obtained following the award of the deepwater exploration license in North Africa. The reactivation of these activities projects a boost for the Libyan hydrocarbon industry and a supply alternative for Central and Eastern Europe.
MOL Group’s proposal and joint operations in Block 07
Regarding the distribution of participation within the joint venture, Repsol will lead operations with a 40% allocation, an identical percentage to that held by TPAO, while MOL Group retains the remaining 20%. The awarded block, designated O7, covers a surface area exceeding 10,300 square kilometers and features operating depths of over 1,500 meters. Geographically, the study area is located approximately 140 kilometers northwest of the city of Benghazi.
Additionally, the minimum technical investment obligations agreed upon for this campaign include the acquisition of 1,500 kilometers of 2D seismic data, along with an area of 2,300 square kilometers of 3D seismic data. Likewise, the technical agenda establishes the mandatory drilling of at least one exploratory well to determine the commercial viability of the detected deposits. These specific activities leverage the previous experience accumulated by the participating corporations in technologically complex offshore environments.
For his part, Zsombor Marton, Executive Vice President of Exploration and Production at MOL Group, stated that entering this operational phase represents a strategic advancement for the regional energy sector. The executive emphasized the organization’s commitment to transferring advanced technical capabilities to the Libyan economy, while consolidating the supply of new resources to Eastern European markets.
Source and photo: MOL Group
