MOL Group and Turkish Petroleum Corporation (TPAO) have signed a Memorandum of Understanding (MoU) in Istanbul, marking a significant step towards a strategic partnership in hydrocarbon exploration and production.
This agreement elevates the companies’ existing cooperation to new heights, building on their successful joint international projects.
The MoU outlines the companies’ intention to combine their expertise, technical knowledge, and financial resources.
The partnership’s scope extends beyond Turkey, encompassing potential joint ventures in:
- The Caspian region
- North Africa
- Middle East
- Central and Eastern Europe
These collaborations may involve exploration, field development, and production projects.
Zsolt Hernádi, Chairman and CEO of MOL Group, expressed optimism about the partnership: “This new strategic partnership brings our companies’ excellent cooperation to a new level, after working together for a decade in international exploration and production projects.
“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.”
MOL Group and Turkish Petroleum have a history of successful collaborations, including joint ventures in Azerbaijan’s Azeri-Chirag-Deepwater Gunashli (ACG) field and Russia’s Baitugan field.
This strategic partnership aligns with MOL Group’s updated “SHAPE TOMORROW” strategy.
The company aims to maintain daily production volumes at a minimum of 90,000 barrels of oil equivalent per day over the next five years.
To achieve this goal, MOL’s Exploration and Production division is focusing on strengthening its international portfolio through strategic partnerships.
In an era of geopolitical uncertainty and rapid changes in the energy sector, this partnership represents a significant step towards enhancing energy security and competitiveness in Central and Eastern Europe.
