MOL Group (Budapest, Hungary) signed a Memorandum of Understanding with Turkish Petroleum Corporation (TPAO) in Istanbul 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 Memorandum of Understanding (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.
The memorandum of understanding was signed in Istanbul by MOL Group Chairman and CEO Zsolt Hernádi and Turkish Petroleum Chairman and CEO Ahmet Türkoğlu.
“I am glad that the new strategic partnership between MOL Group and Turkish Petroleum brings our companies’ excellent cooperation to a new level, after working together for a decade in international exploration and production projects. I believe the future holds further joint successes. 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.
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 new strategic partnership is in line with MOL Group’s recently updated strategy, “SHAPE TOMORROW”. In order to keep the daily production volumes at a minimum 90 kboepd level throughout the next 5 years, the company’s Exploration and Production division aims to strengthen its international portfolio and to establish strategic partnerships.