MOL Group and Turkish Petroleum establish strategic partnership in Black Sea hydrocarbon exploration

MOL Group and Turkish Petroleum expressed their intention in a memorandum of understanding to share their experience, technical and commercial expertise, advanced techniques and financial resources with each other. In addition, the memorandum of understanding also covers potential joint participation in exploration, field development and production projects in the Caspian region, Turkey, North Africa and the 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 pleased that the new strategic partnership between MOL Group and Turkish Petroleum, following ten years of cooperation on international exploration and production projects, takes the excellent cooperation between our companies to a new level. I believe that further joint successes await us in the future. The partnership in oil and natural gas exploration serves as a gateway to further expanding our international portfolio, and contributes thus to the security of energy supply and the competitiveness of Central and Eastern Europe. In these times of geopolitical uncertainty and rapid change, strategic partnerships are more valuable than ever before,” said Zsolt Hernádi, Chairman and CEO of MOL Group.

MOL Group and Turkish Petroleum cooperate on hydrocarbon exploration and production projects as joint venture partners in Azerbaijan at the Azeri-Chirag-Deepwater Gunashli (ACG) field and at the Baitugan field in Russia.

The new strategic partnership is in line with MOL Group's recently updated Shape Tomorrow strategy. To maintain daily production at a minimum of 90 kboepd over the next five years, the company's exploration and production division is focusing on strengthening its international portfolio and establishing strategic partnerships.