MOL Group and Turkish Petroleum to Form Strategic Partnership for Hydrocarbon Exploration

MOL Group has taken a significant step forward by signing a Memorandum of Understanding (MoU) with Turkish Petroleum Corporation (TPAO) in Istanbul, solidifying a strategic partnership focused on the exploration and production of hydrocarbons. This agreement marks a new chapter in the relationship between the two companies, building upon their history of successful collaboration in international joint ventures. The MoU signifies a commitment to enhancing cooperation, particularly in hydrocarbon exploration, with a focus on Türkiye and the potential to expand to other regions around the world.

Through the agreement, MOL Group and Turkish Petroleum intend to combine their expertise, sharing technical knowledge, commercial insight, advanced technologies, and financial resources to drive forward new opportunities. Both companies are renowned for their capabilities in the energy sector, and this partnership is seen as a way to further leverage their strengths for mutual benefit. Specifically, the MoU outlines the possibility of joint participation in exploration, field development, and production projects not only in Türkiye but also in the Caspian region, North Africa, the Middle East, and Central and Eastern Europe. These areas represent key growth regions for hydrocarbon exploration and production, offering significant potential for new discoveries and development.

The MoU was signed by MOL Group’s Chairman and CEO, Zsolt Hernádi, and Turkish Petroleum’s Chairman and CEO, Ahmet Türkoglu, at a ceremony in Istanbul. Hernádi expressed his optimism about the future of the partnership, noting that it elevates the already excellent cooperation between the two companies to a new level. After working together for over a decade on various international exploration and production projects, Hernádi believes this new strategic partnership will open doors to further joint successes. He emphasized that the partnership will not only help extend MOL Group's international portfolio but also contribute to energy supply security and enhance the competitiveness of Central and Eastern Europe. In an era marked by geopolitical uncertainty and rapid changes in global energy markets, Hernádi stressed that strategic partnerships such as this are more critical than ever.

MOL Group and Turkish Petroleum have a history of collaborating in hydrocarbon exploration and production projects, particularly as joint venture partners in the Azeri-Chirag-Deepwater Gunashli (ACG) field in Azerbaijan and the Baitugan field in Russia. These projects have laid the foundation for the new strategic partnership, which aligns with MOL Group's recently updated strategy, "SHAPE TOMORROW." This strategy focuses on maintaining a daily production volume of at least 90,000 barrels of oil equivalent per day (kboepd) over the next five years. To achieve this goal, MOL Group’s Exploration and Production division aims to strengthen its international portfolio and form key strategic partnerships, positioning the company for long-term growth and sustainability.

By fostering this partnership with Turkish Petroleum, MOL Group is not only expanding its footprint in key energy markets but also contributing to the stability and security of energy supplies in the regions where they operate. This collaboration is expected to yield significant benefits for both companies and the regions involved, reinforcing their roles as major players in the global energy sector.