MOL Group and Libya鈥檚 NOC signed a strategic MoU to cooperate on hydrocarbon exploration, technology development, and crude trading initiatives.
MOL Group has formalized a new strategic collaboration with Libya鈥檚 National Oil Corporation (NOC) through the signing of a Memorandum of Understanding (MoU), marking an important step toward deeper cooperation between the two energy companies. The agreement establishes a broad framework for collaboration across key areas such as hydrocarbon exploration and production, technological advancement, field development, and crude oil trading activities.
The MoU was officially signed in Budapest by Zsolt Hern谩di, Chairman and Chief Executive Officer of MOL Group, and Masoud Suleman, Chairman of Libya鈥檚 National Oil Corporation. This partnership reflects a shared commitment to leveraging each organization鈥檚 expertise and experience in order to unlock new opportunities in Libya鈥檚 oil and gas sector, while also supporting MOL Group鈥檚 long-term international growth strategy.
Under the terms of the agreement, MOL Group and NOC will exchange technical, operational, and market-related information and jointly assess potential projects where cooperation could create mutual value. The areas of focus include upstream oil and gas exploration and production, the application of advanced technologies and innovative solutions in field development, oilfield services opportunities within Libya, and collaboration in crude oil supply and trading. By combining MOL鈥檚 international operational experience with NOC鈥檚 deep understanding of Libya鈥檚 hydrocarbon resources, both parties aim to enhance efficiency, resilience, and competitiveness.
Commenting on the agreement, Zsolt Hern谩di highlighted the strategic importance of Libya鈥檚 energy sector and emphasized the broader implications of the partnership. He noted that Libya鈥檚 oil and gas industry represents a significant center of expertise and capability, and expressed confidence that the new cooperation would serve as a catalyst for expanding MOL Group鈥檚 international portfolio. According to Hern谩di, the partnership is expected to deliver tangible benefits for both companies while strengthening regional energy resilience.
He further underlined that energy security and sovereignty are becoming increasingly critical, particularly for landlocked countries that rely heavily on diversified supply sources. From this perspective, partnerships that enable access to a wider range of resources are essential. Beyond commercial objectives, the agreement also includes a commitment to revive educational, scientific, and academic collaborations. By rebuilding ties between institutions and professionals, both organizations aim to promote knowledge sharing, capacity building, and long-term cooperation that extends beyond the energy business alone.
Hern谩di also pointed out that such strategic alliances can contribute to Europe鈥檚 broader goal of improving competitiveness by developing balanced and independent energy pathways, rather than shifting dependence from one source or region to another.
MOL Group鈥檚 international upstream portfolio currently includes oil and gas exploration and production assets across nine countries, with active production in eight of them: Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt, and Hungary. In line with its updated SHAPE TOMORROW strategy, MOL has set a target of maintaining production levels of at least 90 thousand barrels of oil equivalent per day over the next five years. To achieve this objective, the company continues to strengthen its international presence and actively pursue strategic partnerships with national oil companies.
In recent months, MOL has signed similar cooperation agreements with KazMunayGas of Kazakhstan, SOCAR of Azerbaijan, and Turkish Petroleum of T眉rkiye. These partnerships have already led to concrete progress, including MOL鈥檚 role as operator in onshore exploration activities in Azerbaijan鈥檚 Samakhi-Gobustan region and the launch of joint exploration projects in Hungary with Turkish Petroleum. The new agreement with Libya鈥檚 NOC further reinforces MOL Group鈥檚 commitment to expanding its global footprint through collaboration and long-term partnerships.
