MOL Group has entered into a strategic partnership with Libya’s National Oil Corporation (NOC), establishing a framework for exchanging information and exploring potential areas of cooperation. Zsolt Hernádi, Chairman and CEO of MOL Group, and Masoud Suleman, Chairman of NOC, signed a memorandum of understanding in Budapest on hydrocarbon exploration and production, technological and field development, oilfield services in Libya, as well as crude oil supply and trading.
“Libya’s oil and gas industry is recognised as a pillar of strength and expertise,” said Zsolt Hernádi, Chairman and CEO of MOL Group. “I am confident that this new agreement will catalyse the further expansion of our international portfolio, creating clear mutual value for both companies and strengthening the resilience of our region. Partnerships like this can help Europe find its own path towards competitiveness, instead of merely replacing one form of energy dependence with another.”
As part of its international portfolio, MOL Group has oil and gas exploration and production assets in nine countries, with production in eight of them: Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt and Hungary. To maintain the objectives of its updated Shape Tomorrow strategy, namely to reach a daily production level of at least 90,000 barrels of oil equivalent over the next five years, the company aims to further strengthen its international portfolio and pursue additional strategic partnerships.
Accordingly, it has recently signed cooperation agreements with the national oil companies of Kazakhstan (KazMunayGas), Azerbaijan (SOCAR) and Türkiye (Turkish Petroleum). As a result, MOL, as operator, will soon commence onshore exploration in Azerbaijan’s Shamakhi-Gobustan region, and joint hydrocarbon exploration with Turkish Petroleum has already begun in Hungary.