Hungarian energy giant MOL Group has signed a memorandum of understanding (MoU) with Turkish Petroleum to collaborate on hydrocarbon exploration and production. This agreement aims to expand the companies’ cooperation in Türkiye and other regions.
The MoU establishes a framework for MOL Group and Turkish Petroleum to share their expertise, technical and commercial knowledge, advanced techniques and financial resources.
According to reports in Business Media, the collaboration will involve joint participation in exploration, field development and production projects across regions such as the Caspian, Türkiye, North Africa, the Middle East and Central and Eastern Europe.
‘Excited about this partnership’
MOL Group Chairman and CEO Zsolt Hernadi expressed his enthusiasm about the agreement, stating: “I am pleased to see this new strategic partnership between MOL Group and Turkish Petroleum, which takes our excellent cooperation to a new level after working together for a decade on international exploration and production projects.”
Hernadi emphasized that the partnership in oil and gas exploration serves as a gateway to further expanding their international portfolio and contributes to the energy security and competitiveness of Central and Eastern Europe. He added that in times of geopolitical uncertainty and rapid change, strategic partnerships are more valuable than ever.
Both Hernadi and Turkish Petroleum Chairman and CEO Ahmet Turkoglu formalized the agreement during a signing ceremony.
History of joint ventures
MOL Group and Turkish Petroleum have a history of successful joint ventures. The two companies previously worked together on the Azeri-Chirag-Guneshli field in Azerbaijan and the Baitugan field in Russia.
This strategic partnership aligns with MOL Group’s updated “Shape Tomorrow” strategy, which focuses on maintaining a daily production volume of at least 90,000 barrels of oil equivalent over the next five years. The company’s exploration and production division aims to strengthen its international portfolio through strategic partnerships like this one.
