MOL, Repsol, TPAO sign PSA for Libya’s O7 block

MOL Group signed a production sharing agreement with joint venture partners Repsol and Türkiye Petrolleri (TPAO) for the O7 offshore exploration block in Libya’s Mediterranean waters, following the award of an exploration licence.

Repsol holds a 40% stake and serves as operator, with TPAO holding 40% and MOL Group 20%. The consortium was awarded the O7 block earlier this year through Libya’s National Oil Corporation bidding round. The block covers more than 10,300 sq km in water depths exceeding 1,500 m, located approximately 140 km northwest of Benghazi.

The minimum work commitment for Block O7 includes the acquisition of 1,500 km of 2D seismic data and 2,300 sq km of 3D seismic data, along with the drilling of one exploration well.