International company MOL Group has entered into a new strategic partnership with Libya’s National Oil Corporation (NOC).
The Memorandum of Understanding sets the foundation for cooperation in hydrocarbons exploration, technological innovation and crude trading.
The memorandum of understanding was signed in Budapest by MOL Group Chairman and Chief Executive Officer Zsolt Hernádi and Masoud Suleman, Chairman of the National Oil Corporation (NOC).
The strategic partnership agreement sets out the framework for NOC and MOL to exchange information and jointly explore potential areas of cooperation. These include hydrocarbon exploration and production, technological and field development innovations, oilfield services opportunities in Libya, and crude supply and trading activities.
“We recognize Libya’s oil and gas industry as a pillar of strength and expertise. I am sure that this new agreement will act as a catalyst for further expanding our international portfolio, creating clear mutual value for both companies and reinforcing the resilience of our region. From the perspective of security of supply and energy sovereignty, particularly for landlocked countries, diversification of sources is of crucial importance.”
“Our cooperation also goes beyond business, as we have agreed to rebuild our educational, scientific, and university ties in order to learn as much as possible from each other. Such partnerships can also help Europe to find its own path to competitiveness, rather than switching between different forms of energy dependency,” said Zsolt Hernádi, Chairman and Chief Executive Officer of the MOL Group.
MOL Group has a diverse international portfolio, with oil and gas exploration and production assets in nine countries. Currently, it produces in eight countries: Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt, and Hungary.
To achieve its updated SHAPE TOMORROW strategy, which targets a production level of at least 90,000 barrels of oil equivalent per day over the next five years, MOL plans to further enhance its international portfolio while seeking additional strategic partnerships.
Consequently, 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, has commenced onshore exploration in the Samakhi–Gobustan region of Azerbaijan, while joint exploration has already begun in Hungary with Turkish Petroleum.
