**MOL and Turkish Petroleum Forge Collaboration in Exploration and Production**
In a significant move that reinforces their commitment to joint hydrocarbon exploration and production, MOL Group and Turkish Petroleum Corporation (TPAO) have signed a Memorandum of Understanding (MoU) to collaborate in the exploration and production of hydrocarbons. The collaborative effort marks a new chapter in their ongoing partnership, which has been successfully expanding since their initial cooperation in international projects.
The MoU, signed in Istanbul by MOL Group Chairman and CEO Zsolt Hernádi and Turkish Petroleum Chairman and CEO Ahmet Türkoğlu, solidifies the two companies’ commitment to leveraging their combined technical expertise, financial resources, and commercial knowledge. This alliance is designed to enhance their exploration, field development, and production capabilities, specifically targeting regions such as Türkiye, the Caspian Sea, North Africa, the Middle East, and Central and Eastern Europe.
This strategic partnership aligns with MOL Group’s “SHAPE TOMORROW” strategy, which aims to maintain a minimum daily production volume of 90 kboed over the next five years. By strengthening their international portfolio through such collaborations, MOL Group seeks to improve energy supply security and competitiveness in Central and Eastern Europe.
MOL Group and Turkish Petroleum have a proven track record of successful joint ventures, particularly in Azerbaijan’s Azeri-Chirag-Deepwater Gunashli (ACG) field and the Baitugan field in Russia. Their new strategic partnership is poised to build upon these successes and expand into new exploration and production opportunities.
Zsolt Hernádi highlighted the significance of this partnership, stating, “I am glad that the new strategic partnership between MOL Group and Turkish Petroleum brings our companies’ excellent cooperation to a new level. The future holds further joint successes as we continue to enhance our international portfolio and contribute to the energy supply security of Central and Eastern Europe, even in times of geopolitical uncertainty and rapid changes.”
**About MOL Group**
MOL Group is an internationally integrated oil, gas, petrochemicals, and consumer retail company headquartered in Budapest, Hungary. With an extensive presence in over 30 countries and a workforce of 25,000 people, MOL Group has been a leader in hydrocarbon exploration and production for over 100 years. The company operates three refineries and two petrochemical plants under integrated supply chain-management in Hungary, Slovakia, and Croatia. It also owns a network of nearly 2,