Hungary’s MOL and Turkish Petroleum Join Forces for Hydrocarbon Exploration
October 18, 2024
MOL Group and Turkish Petroleum Corporation (TPAO) have signed a memorandum of understanding (MoU) to cooperate as strategic partners in the exploration and production of hydrocarbons.
The companies agreed to elevate their cooperation to a new level after successful international joint projects to potential partnership in exploration in Türkiye and further potential projects in other regions.
Under the MoU, MOL Group and Turkish Petroleum have expressed their intention to jointly provide their experience, technical and commercial knowledge, advanced techniques and financial resources.
Moreover, the MoU also covers potential joint participation in exploration, field development and production projects in the Caspian region, Türkiye, North-Africa and Middle East as well as in Central and Eastern Europe.
MOL Group and Turkish Petroleum have been cooperating in hydrocarbons exploration and production projects as joint venture partners in Azerbaijan in the Azeri-Chirag-Deepwater Gunashli (ACG) field, and in the Baitugan field in Russia.
“The partnership in oil and gas exploration serves as a gateway to further extend our international portfolio and thus contribute to the energy supply security and competitiveness of Central and Eastern Europe. In these times of geopolitical uncertainty and rapid changes, strategic partnerships are more valuable than ever,” said Zsolt Hernádi, Chairman and CEO of the MOL Group.
