Core Insights - MOL Group is expanding its international presence by entering Libya's upstream sector through a joint offshore exploration venture with Repsol and Türkiye Petrolleri A.O. [1] - The consortium has secured the right to explore the O7 offshore block, part of Libya's first licensing round in 17 years, which was reopened by the National Oil Corporation in March 2025 [1][3]. Group 1: Exploration and Investment - The O7 block covers over 10,300 square kilometers in deepwater areas exceeding 1,500 meters, located approximately 140 kilometers northwest of Benghazi [2]. - Libya is Africa's second-largest oil producer and holds the continent's largest proven crude reserves, but political instability has limited investment and production since 2011 [3]. Group 2: MOL's Strategy and Operations - MOL's entry into Libya aligns with its upstream diversification strategy, as the company currently produces oil and gas in eight countries and aims to maintain production above 90,000 barrels of oil equivalent per day over the next five years under its SHAPE TOMORROW strategy [4]. - The CEO of MOL stated that this move not only represents geographic expansion but also enhances supply security for Central Europe [5]. Group 3: Regional Dynamics - The deal strengthens energy ties between Libya and Türkiye, which has been increasing its economic influence in North Africa, particularly in offshore development and infrastructure [5].