MOL Group signed a Memorandum of Understanding with Turkish Petroleum Corporation (TPAO) in Istanbul to form a strategic partnership for hydrocarbon exploration and production. The companies agreed to expand their cooperation after successful international joint projects to potential partnership in exploration in Turkiye and other regions.
Under the Memorandum of Understanding (MoU), MOL Group and Turkish Petroleum have agreed to provide their combined 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, Turkiye, North-Africa and Middle East as well as in Central and Eastern Europe.
The MoU was signed in Istanbul by MOL Group Chairman and CEO Zsolt Hernadi and Turkish Petroleum Chairman and CEO Ahmet Turkoglu.
“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,” said Zsolt Hernadi, Chairman and CEO of the MOL Group. “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.”
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 kboed level throughout the next 5 years, the company’s Exploration and Production division aims to strengthen its international portfolio and to establish strategic partnerships.
(worldoil.com, October 16, 2024)