The National Oil Corporation (NOC) has signed a memorandum of understanding with Hungary’s MOL Group to explore future cooperation in the oil and gas sector. The agreement was signed in Budapest by MOL Group’s chief executive, Zsolt Hernádi, and the NOC chairman, Masoud Suleiman. It sets out a framework for information exchange and potential collaboration in hydrocarbon exploration and production, technology development, oilfield services, and crude oil supply and trading. Hernádi said Libya’s oil and gas sector remained a strong driver of growth, adding that the deal could help expand MOL’s international portfolio while delivering mutual economic benefits. MOL Group operates exploration and production activities in nine countries, with active production in eight, including Egypt, Iraq and Azerbaijan.

Source: Libya Observer January 31, 2026 15:24 UTC