MOL Group and Libya’s 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’s 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 Hernádi, Chairman and Chief Executive Officer of MOL Group, and Masoud Suleman, Chairman of Libya’s National Oil Corporation. This partnership reflects a shared commitment to leveraging each organization’s expertise and experience in order to unlock new opportunities in Libya’s oil and gas sector, while also supporting MOL Group’s 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’s international operational experience with NOC’s deep understanding of Libya’s hydrocarbon resources, both parties aim to enhance efficiency, resilience, and competitiveness.
Commenting on the agreement, Zsolt Hernádi highlighted the strategic importance of Libya’s energy sector and emphasized the broader implications of the partnership. He noted that Libya’s 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’s international portfolio. According to Hernádi, 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.
Hernádi also pointed out that such strategic alliances can contribute to Europe’s 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’s 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 Türkiye. These partnerships have already led to concrete progress, including MOL’s role as operator in onshore exploration activities in Azerbaijan’s Samakhi-Gobustan region and the launch of joint exploration projects in Hungary with Turkish Petroleum. The new agreement with Libya’s NOC further reinforces MOL Group’s commitment to expanding its global footprint through collaboration and long-term partnerships.
