MOL Partners with Repsol, TPAO in Libya

Hungarian oil and gas company MOL announced on Wednesday its entry into Libya in partnership with Spain's Repsol and Turkey's TPAO.

After winning a joint bid for the O7 offshore block, MOL will enter the exploration project with a 20% stake. Repsol will hold 40% and operate the project, and TPAO will have a 40% share.

The O7 block, which covers more than 10,300 square kilometers, is located about 140 kilometers northwest of Benghazi.

MOL Group has oil and gas exploration and production assets in nine countries, with production in eight countries: in Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt and Hungary. To maintain its production target of at least 90,000 barrels of oil equivalent per day over the next five years, MOL aims to further strengthen its international portfolio and seeks additional strategic partnerships, the company said.