Hungary’s MOL Group and Turkish Petroleum sign MoU for exploration
Published by Alfred Hamer,
Editorial Assistant
Oilfield Technology,
MOL Group has announced that it has signed a Memorandum of Understanding with Turkish Petroleum Corporation (TPAO) in Istanbul to cooperate as strategic partners in the exploration and production of hydrocarbons.
Under the Memorandum of Understanding (MoU), MOL Group and Turkish Petroleum have expressed their intention to jointly provide their experience, technical and commercial knowledge, 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 Türkoglu.
Zsolt Hernádi, Chairman and CEO, MOL Group, said: “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.”
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