MOL Group has entered a strategic collaboration with Libya’s National Oil Corporation by signing a Memorandum of Understanding that deepens cooperation between the two companies. The agreement sets out plans to work together on hydrocarbon exploration and production, technology development, field projects, and crude trading. Zsolt Hernádi, Chairman and CEO of MOL Group, and Masoud Suleman, Chairman of NOC, signed the MoU in Budapest. Both sides aim to use their experience to pursue opportunities in Libya’s oil and gas sector while supporting MOL’s international growth. They will share technical, operational, and market information and review projects where joint work can create value, with a focus on upstream activities.
Hernádi said the partnership will help expand MOL Group’s global portfolio and bring benefits to both companies while supporting energy stability in the region. He noted that energy security and national control over supply matter more than ever, especially for landlocked countries that depend on diverse sources. He stressed that cooperation, which broadens access to resources, plays an important role in meeting that need. The agreement also revives educational and scientific links by encouraging cooperation between institutions and professionals to share knowledge and build skills over time. Hernádi added that partnerships like this can support Europe’s competitiveness by strengthening balanced energy pathways rather than replacing one dependence with another.
MOL Group holds upstream assets across nine countries and produces oil and gas in Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt, and Hungary. Through its SHAPE TOMORROW strategy, the company plans to maintain production of at least ninety thousand barrels of oil equivalent per day over the next five years. To reach this goal, it continues to grow its international presence and build partnerships with national oil companies. Recently, MOL signed similar agreements with KazMunayGas, SOCAR, and Turkish Petroleum.
These arrangements have already produced results, including MOL operating onshore exploration work in Azerbaijan’s Samakhi Gobustan region and launching joint projects in Hungary with Turkish Petroleum. The new cooperation with Libya’s NOC strengthens MOL’s push to expand globally through long-term partnerships.
source: www.chemanalyst.com
African Energy Council