Three joint venture partners – MOL Group, Repsol and Türkiye Petrolleri AO (TPAO) – have signed a Production Sharing Agreement (PSA) for an offshore exploration area in the Mediterranean Sea, off the coast of Libya.
After Repsol (40% stake as operator), TPAO (40%) and MOL Group (20%) made a joint offer to purchase the project. Marine cluster O7 After obtaining the right to conduct exploration for hydrocarbon materials by granting them an exploration license, the three companies proceeded to sign the production sharing agreement. The trio believes that the deal represents a major milestone in enhancing exploration activities in Libya.
The move is seen as enabling the development of an offshore project in North Africa, which is expected to contribute to revitalizing Libya’s oil and gas industry, while being interpreted as a strategic milestone for energy security in Central and Eastern Europe.
Marton SomborMOL Group Executive Vice President of Exploration and Production commented: “We are excited that our joint venture with Repsol and TPAO has entered a new phase with the signing of the production sharing agreement. This also means a new milestone in the revitalization of the oil and gas industry in Libya and we are honored to be part of it.
“Libya is of strategic importance to Europe and provides an exceptional opportunity for offshore exploration in North Africa. We are committed to contributing our expertise to the Libyan economy, while enhancing energy security in Central and Eastern Europe through a new source.”
Block O7 covers an area of more than 10,300 square kilometers in water depths exceeding 1,500 metres, and is located about 140 kilometers northwest of Benghazi. The block’s deepwater settings are said to be in line with the consortium’s extensive maritime experience.
Minimum work commitments in Block O7 include the acquisition of 1,500 km2 of 2D seismic data and 2,300 km2 of 3D seismic data, along with drilling one exploratory well.
This comes after MOL launched a new strategic partnership with the Libyan National Oil Corporation in January 2026, representing an important step towards expanding international cooperation in the oil and gas sector.
The partners aim to exchange experiences, deepen technological cooperation, and identify new business opportunities that enhance the international presence of both organizations and future growth. Other players also signed deals with the Libyan National Oil Corporation, including… Chevron.
Boost your brand with marine energy ⤵️
Steal the spotlight and establish your brand in the heart of the outside world!
Join us to make a greater impact and grow your presence at the core of the marine energy community!
