(WO) – 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 Türkiye 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, Türkiye, 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 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,” said Zsolt Hernádi, 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.
About MOL Group
MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with an international workforce of 25,000 people and experience spanning 100+ years. MOL Group operates three refineries and two petrochemical plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2400 service stations across 10 countries in Central & South-Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. MOL currently runs production activities in 8 countries and exploration assets in 9 countries. MOL aims to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central and Eastern Europe.
This article was originally posted at www.worldoil.com
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