At an official ceremony in Budapest, MOL Group CEO Zsolt Hernádi and his Libyan NOC counterpart Masoud Suleman signed a memorandum of understanding that lays the groundwork for comprehensive cooperation in the oil and gas industry. oil and gaswith a clear focus on joint hydrocarbon exploration.
This agreement establishes a common framework that will allow both entities to collaborate in the exploration and production of hydrocarbons. hydrocarbon exploration and productionThe agreement establishes a common framework that will allow both entities to collaborate in hydrocarbon exploration and production, technological development, commercial operations and oilfield services projects in Libya. It also provides for the exchange of technical and market information to identify areas of cooperation with mutual value.
Diversification of energy supply through hydrocarbon exploration
The partnership comes at a time when energy diversification is crucial, especially for landlocked countries. From MOL’s perspective, this collaboration not only strengthens its international presence, but also increases the energy resilience of Central and Eastern Europe.
Hernádi stressed that Libya represents an important core of experience and capabilities in the oil sector, and that this new pact can play a key role in the region’s energy independence strategy. Beyond trade, the agreement also envisages the reactivation of academic and scientific ties between the two countries.
Regional expansion and future objectives
MOL has operations in more than 30 countries and produces oil and gas in eight of them. With its SHAPE TOMORROWstrategy, the group seeks to maintain a minimum production of 90,000 barrels of oil equivalent per day over the next five years.
This agreement with NOC follows similar partnerships already signed with state-owned companies in Kazakhstan, Azerbaijan and Turkey. As a result, onshore exploration activities have been initiated in the Samakhi-Gobustan region of Azerbaijan and in Hungary.
The memorandum focuses not only on resource extraction, but also on the application of advanced technologies for oilfield development and local capacity building. The vision of both companies is to build a sustainable collaboration that has economic, technical and human impact.
Source: MOL Group
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