Libya’s NOC and Hungary’s MOL Group Sign Strategic MoU to Expand Energy Cooperation

The National Oil Corporation (NOC) has signed a strategic memorandum of understanding with MOL Group, marking another step in Libya’s efforts to deepen international partnerships and strengthen its oil and gas sector.

The agreement was signed in Budapest by MOL Group Chief Executive Zsolt Hernádi and NOC Chairman Masoud Suleiman. It establishes a framework for information exchange and future collaboration across key areas of the energy value chain.

Broad Scope for Energy Collaboration

Under the MoU, the two parties will explore cooperation in hydrocarbon exploration and production, technology development, oilfield services, as well as crude oil supply and trading. While non‑binding, the agreement lays the groundwork for technical and commercial engagement between Libya’s national energy champion and one of Central Europe’s leading energy groups.

Hernádi described Libya’s oil and gas sector as a strong driver of growth, noting that the partnership could expand MOL Group’s international portfolio while generating mutual economic benefits.

Libya Deepens Global Energy Partnerships

For Libya, the agreement aligns with a broader strategy by the NOC to attract international expertise, diversify partnerships, and support the recovery and long‑term stability of the country’s energy sector. Libya holds Africa’s largest proven oil reserves, and cooperation with established international operators is seen as key to sustaining production and modernizing infrastructure.

MOL Group currently operates exploration and production assets in nine countries, with active production in eight, including Egypt, Iraq, and Azerbaijan. The MoU positions Libya as a potential addition to that global portfolio.

Energy Diplomacy Gains Momentum

The signing comes amid increased diplomatic engagement between Libya and European partners, particularly around energy security, investment, and technical cooperation. Officials view such agreements as confidence‑building measures that can unlock future projects once operational and regulatory conditions allow.

While no specific projects were announced, both sides signaled openness to advancing discussions in line with shared commercial interests and Libya’s long‑term energy strategy.

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