MOL Group has strengthened its international presence by entering into a strategic partnership with Libya’s National Oil Corporation (NOC), formalised through a memorandum of understanding (MoU) signed in Budapest.
The agreement, signed by MOL Group Chairman and CEO Zsolt Hernádi and NOC Chairman Masoud Suleman, outlines plans to cooperate in hydrocarbons exploration, technological innovation, and crude trading.
The new partnership provides a structured framework for both energy companies to exchange knowledge and pursue joint opportunities across multiple sectors of the oil and gas value chain.
This includes exploration and production of hydrocarbons, the development of new technologies and field innovations, and expansion into oilfield services in Libya.
The collaboration will also explore synergies in crude supply and trading, reinforcing both companies’ positions in the evolving global energy landscape.
Hernádi emphasised that Libya’s energy industry remains one of the cornerstones of regional expertise and potential.
He noted that the partnership would serve as a driver for the expansion of MOL’s global portfolio, fostering shared value creation between the two companies.
He further highlighted that diversification remains critical for energy security, particularly for landlocked nations, and that partnerships like this contribute to strengthening Europe’s self-reliance and competitiveness.
He also underlined the broader dimension of the cooperation, which extends beyond commercial interests.
The MoU includes plans to renew educational, scientific, and university-level partnerships between the two countries, enabling the exchange of knowledge and expertise.
According to Hernádi, these collaborative initiatives will not only support technological progress but also deepen the human and institutional ties that underpin sustainable development in the energy sector.
MOL Group’s engagement with the NOC aligns with its long-term international growth strategy.
The company maintains oil and gas exploration and production assets in nine countries, with active production in eight (including Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt, and Hungary).
These assets form part of MOL’s ongoing effort to sustain production levels at or above 90,000 barrels of oil equivalent per day over the next five years, as set out in the SHAPE TOMORROW corporate strategy.
To support these targets, MOL Group has continued to expand its network of strategic alliances with national energy companies across its core regions.
In recent months, the company has entered similar cooperative agreements with Kazakhstan’s KazMunayGas, Azerbaijan’s SOCAR, and the Turkish Petroleum Corporation (TPAO).
These collaborations have already translated into active projects, including MOL’s operational involvement in onshore exploration in Azerbaijan’s Samakhi-Gobustan region and joint exploration activity in Hungary alongside TPAO.
The addition of Libya to MOL Group’s growing list of partnerships underscores the Budapest-based company’s intent to diversify its upstream portfolio and enhance its position as a leading integrated energy player in Central and Eastern Europe.
By aligning with Libya’s National Oil Corporation, one of Africa’s most established producers, MOL aims to build a resilient and competitive foundation for future exploration and energy cooperation.