Hungarian MOL Group has signed a Memorandum of Understanding (MoU) with Turkish Petroleum Corporation (TPAO) to establish a strategic partnership focused on hydrocarbon exploration and exploitation. Following successful joint international projects, the two companies aim to enhance their collaboration, potentially exploring new opportunities in Turkey and other regions.
The MoU outlines their intention to combine their experience, technical and commercial expertise, advanced techniques, and financial resources for joint investments. It also emphasizes the possibility of participating together in exploration, field development, and production projects across various regions, including the Caspian Sea, Turkey, North Africa, the Middle East, and Central and Eastern Europe.
Zsolt Hernadi, Chairman and CEO of MOL Group, expressed that this new strategic partnership builds on a decade of successful cooperation between the two companies in international exploration and production. He noted that the partnership in oil and gas exploration would enhance MOL’s international portfolio and contribute to the energy security and competitiveness of Central and Eastern Europe.
MOL Group and TPAO have previously collaborated as joint venture partners in hydrocarbon exploration and production projects, including Azerbaijan’s Azeri-Chirag-Deepwater Gunashli (ACG) field and the Baitugan field in Russia.
This strategic partnership aligns with MOL Group’s updated strategy, SHAPE TOMORROW. To maintain a daily production level of at least 90,000 barrels of oil equivalent per day over the next five years, the Exploration and Production division plans to strengthen its international portfolio and develop strategic partnerships.
