Libya’s National Oil Corporation (NOC) and Hungary’s MOL Group have signed a cooperation agreement in Budapest aimed at expanding collaboration across the oil and gas sector, as Libya seeks to revive and modernise its energy industry.
The memorandum of understanding was signed by MOL Group Chief Executive Zsolt Hernádi and NOC Chairman Masoud Suleiman, creating a formal framework for exchanging information and identifying new commercial and technical opportunities.
Under the deal, both companies will explore cooperation in hydrocarbon exploration and production, oilfield services, technology development, and crude oil supply and trading, though the agreement is non-binding.
MOL said the partnership could help it widen its international footprint, while tapping into Libya’s large resource base and long-term growth potential.
For Libya, the accord supports NOC’s strategy to attract foreign partners, boost investment, and stabilise output after years of disruption.
Libya holds Africa’s largest proven crude oil reserves, and officials see international expertise as critical to maintaining production and upgrading ageing infrastructure.
MOL already operates exploration and production assets in nine countries, with active output in eight, including Egypt, Iraq and Azerbaijan.
The company said Libya could become a new addition to its portfolio as cooperation deepens.
The agreement also reflects closer energy and investment ties between Libya and European partners.
Both sides said they will move talks forward as commercial and regulatory conditions allow, even though no specific projects have yet been announced.