Libya has taken a significant step toward revitalizing its energy sector by expanding international cooperation aimed at strengthening oil and gas exploration, production, and technological development.
The National Oil Corporation (NOC) has signed strategic cooperation agreements with major European energy partners, reflecting renewed momentum to modernize the sector and unlock new hydrocarbon resources.
In a related context, the National Oil Corporation signed a memorandum of understanding with Hungary’s MOL Group, establishing a framework for long-term cooperation in oil and gas exploration, field development, technological innovation, and crude oil trading. The agreement was signed in the presence of NOC Chairman Masoud Suleiman and MOL Group Chairman and CEO Zsolt Hernádi, underscoring the importance Libya places on attracting experienced international partners.
The partnership aims to support Libya’s efforts to expand upstream activity, improve recovery rates in existing fields, and explore new prospects, while also opening the door to collaboration in oilfield services and technical solutions. Libyan officials view the agreement as part of a broader strategy to restore confidence in the sector and position Libya as a reliable energy partner for Europe and global markets.
Alongside the MOL agreement, the NOC also moved to enhance its technical capabilities by signing a letter of intent with Norway-based TGS, through the North Africa Geophysical Exploration Company. The cooperation focuses on expanding multi-client subsurface data activities in Libya and deploying advanced geophysical technologies to support exploration and production decisions.
The Norwegian partnership is expected to improve data quality, reduce exploration risks, and make Libya’s acreage more attractive to international investors ahead of future licensing rounds. Officials said access to modern data and analytics is essential for increasing production efficiency and sustaining long-term growth.
