Hungary’s MOL Enters Comprehensive Energy Partnership Agreement With Libya’s NOC

MOL Group Forms Strategic Alliance with Libya's National Oil Corporation

MOL Group of Hungary has entered into a significant new partnership with Libya’s National Oil Corporation (NOC), advancing its efforts to broaden its global upstream operations and secure a more diverse range of crude oil sources.

On January 30, in Budapest, MOL Group Chairman and CEO Zsolt Hernádi and NOC Chairman Masoud Suleman formalized their collaboration by signing a Memorandum of Understanding. This agreement lays the groundwork for joint initiatives in oil and gas exploration, production, technological advancements, oilfield services, and crude oil trading.

Through this MoU, both companies will share technical and commercial insights and jointly assess potential ventures in Libya, including new exploration projects and advanced field development methods. The partnership also emphasizes cooperation in crude supply and trading—an area of growing importance for European energy firms seeking to strengthen supply chains amid global uncertainties.

Hernádi highlighted the vital role of Libya’s oil and gas industry in the international energy landscape and underscored the strategic benefits for Europe. He noted, “Ensuring a secure and sovereign energy supply, especially for countries without direct access to the sea, makes source diversification essential.” The partnership also aims to revive educational and scientific collaboration between the two organizations.

This agreement aligns with MOL’s SHAPE TOMORROW strategy, which focuses on sustaining a daily production level of at least 90,000 barrels of oil equivalent over the next five years. MOL currently manages exploration and production assets in nine countries, with ongoing operations in eight, including Hungary, Croatia, Azerbaijan, Iraq, Kazakhstan, and Egypt.

Recently, MOL has expanded its global partnerships, signing agreements with companies such as KazMunayGas, SOCAR, and Turkish Petroleum. These collaborations have already led to new onshore exploration projects in Azerbaijan and joint initiatives in Hungary.

For Libya, this partnership marks a renewed connection with European energy companies as the nation works to stabilize production, upgrade infrastructure, and attract international expertise. For MOL, it represents a strategic step to enhance supply security and extend its upstream activities beyond its established markets.