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Signing the production sharing agreement marks a key milestone in advancing exploration activities in Libya, MOL said.
Together with Repsol (40% as operator) and TPAO (40%), MOL (20%) submitted a joint bid earlier this year for the O7 offshore block and was awarded the right to conduct hydrocarbon exploration.
The O7 block covers more than 10,300 sqkm in water depths exceeding 1,500 meters, approximately 140 km northwest of the city of Benghazi. Its deepwater setting aligns with the consortium’s extensive offshore experience, MOL said.
The minimum work commitment for Block O7 includes the acquisition of 1,500 km 2D and 2,300 sqkm 3D seismic data, drilling of one exploration well, it added.
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