MOL Group and its partners, Repsol and Türkiye Petrolleri A.O. (TPAO), have signed a production sharing agreement for a deepwater offshore exploration block in Libya.
The agreement follows the consortium’s successful bid earlier this year for the O7 offshore block. Repsol will operate the block with a 40% interest, while TPAO also holds a 40% stake and MOL Group owns the remaining 20%.
Located about 140 km northwest of Benghazi, the O7 block spans more than 10,300 km² in waters deeper than 1,500 m.
Under the minimum exploration program, the partners will acquire 1,500 km of 2D seismic data and 2,300 km² of 3D seismic data and drill one exploration well.
The signing of the production sharing agreement moves exploration activities forward on the block and marks another effort by Libya to attract international investment into its upstream sector.
“We are excited that our joint project with Repsol and TPAO has entered a new phase with the signing of a production sharing agreement,” said Zsombor Marton, executive vice president of exploration and production at MOL Group. “Libya holds strategic importance for Europe and offers a strong offshore exploration opportunity in North Africa.”
The project builds on the consortium’s offshore experience and strengthens MOL’s presence in North Africa as the company continues to expand its international exploration and production portfolio.
The agreement comes after MOL Group and Libya’s National Oil Corp. (NOC) launched a strategic partnership earlier this year to deepen cooperation in the oil and gas sector and explore future development opportunities.
source: www.worldoil.com
African Energy Council