{"id":41503,"date":"2026-06-16T14:43:10","date_gmt":"2026-06-16T14:43:10","guid":{"rendered":"https:\/\/www.europesays.com\/spain\/41503\/"},"modified":"2026-06-16T14:43:10","modified_gmt":"2026-06-16T14:43:10","slug":"trio-sets-the-stage-for-mediterranean-sea-oil-gas-exploration-with-north-african-psa","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/spain\/41503\/","title":{"rendered":"Trio sets the stage for Mediterranean Sea oil & gas exploration with North African PSA"},"content":{"rendered":"

Three joint venture (JV) partners \u2013 MOL Group, Repsol, and T\u00fcrkiye Petrolleri A.O. (TPAO) \u2013 have signed a production sharing agreement (PSA) for an offshore exploration area in the Mediterranean Sea, off the coast of Libya.<\/p>\n

\"PSAPSA signing; Source: MOL<\/p>\n

After Repsol (40% interest as operator), TPAO (40%), and MOL Group (20%) submitted a joint bid for the O7 offshore block and secured the right to conduct hydrocarbon exploration by being granted an exploration licence, the three companies proceeded to ink a production sharing agreement. The trio believes that the deal marks a key milestone in advancing exploration activities in Libya.<\/p>\n

This step is perceived to enable the advancement of a North African offshore project, which is expected to contribute to the revitalization of Libya\u2019s oil and gas industry, while being interpreted as a strategic milestone for Central Eastern Europe\u2019s energy security.<\/p>\n

Zsombor Marton, Executive Vice President of MOL Group Exploration and Production, commented: \u201cWe are excited that our joint project with Repsol and TPAO has entered a new phase with the signing of a production sharing agreement. This also means a new milestone in the revitalization of Libya\u2019s oil and gas industry and we are honoured to be part of it.<\/p>\n

\u201cLibya holds strategic importance for Europe and offers an exceptional offshore exploration opportunity in North Africa. We are committed to contributing our expertise to Libya\u2019s economy, while also strengthening the energy security of Central Eastern Europe through a new source.\u201d<\/p>\n

Covering more than 10,300 square kilometers in water depths exceeding 1,500 meters, the O7 block is located approximately 140 kilometers northwest of Benghazi. The block\u2019s deepwater setting is said to align with the consortium\u2019s extensive offshore experience.<\/p>\n

The minimum work commitment for Block O7 includes the acquisition of 1,500 kilometers of 2D and 2,300 square kilometers of 3D seismic data, alongside the drilling of one exploration well.<\/p>\n

This comes after MOL launched a new strategic partnership with Libya\u2019s National Oil Corporation (NOC) in January 2026, marking a significant step toward expanding international cooperation in the oil and gas sector.<\/p>\n

The partners aim to exchange expertise, deepen technological cooperation, and identify new business opportunities that strengthen both organizations\u2019 international presence and future growth. Other players also inked deals with Libya\u2019s NOC, including Chevron<\/a>.<\/p>\n

\t\t\t\t\"OE<\/p>\n

Power Your Brand With Offshore Energy \u2935\ufe0f<\/p>\n

Take the spotlight and anchor your brand in the heart of the offshore world! <\/p>\n

Join us for a bigger impact and amplify your presence at the core hub of the offshore energy community!<\/p>\n","protected":false},"excerpt":{"rendered":"Three joint venture (JV) partners \u2013 MOL Group, Repsol, and T\u00fcrkiye Petrolleri A.O. (TPAO) \u2013 have signed a…\n","protected":false},"author":2,"featured_media":41504,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[128,18080,1094,127,19298,19322],"class_list":["post-41503","post","type-post","status-publish","format-standard","has-post-thumbnail","category-repsol","tag-libya","tag-mediterranean-sea","tag-mol","tag-repsol","tag-tpao","tag-turkiye-petrolleri-a-o-tpao"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/41503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/comments?post=41503"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/41503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media\/41504"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media?parent=41503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/categories?post=41503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/tags?post=41503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}