MOL Group and Turkish Petroleum Launch Joint Energy Exploration

Joint Ventures Across Key Regions MOL Group and Turkish Petroleum Launch Joint Hydrocarbon Exploration in Hungary

2025-05-04 Source: MOL Group 1 min Reading Time

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In a push to strengthen regional energy ties and reduce reliance on imports, Hungary’s MOL Group and Turkish Petroleum have launched their first joint exploration venture, laying the groundwork for broader cooperation from Central Europe to North Africa.

The concession agreements were signed in Budapest by Zsolt Hernádi, Chairman and CEO of the MOL Group (right) and Ahmet Türkoğlu, Chairman and CEO of Turkish Petroleum (left).(Source: MOL Group) — The concession agreements were signed in Budapest by Zsolt Hernádi, Chairman and CEO of the MOL Group (right) and Ahmet Türkoğlu, Chairman and CEO of Turkish Petroleum (left).
(Source: MOL Group)

Hungary’s MOL Group and Turkish Petroleum signed the concession agreements with the Ministry of Energy of Hungary, granting rights for joint hydrocarbon exploration in two Hungarian concession areas, Tamási and Buzsák. The joint bidding and the exploration program are the first steps since the companies signed a strategic partnership agreement last year. The partners are identifying further joint opportunities in the Caspian region, in the Black Sea area, in North Africa and in Central and Eastern Europe.

The Ministry of Energy of Hungary announced new mining concessions last autumn after a five-year hiatus, citing the need to boost domestic production and reduce import exposures. MOL bid for 5 concessions and won 4 of them. For two concessions, that cover the Kiskőrös and Hatvan area, MOL bid independently, while for the Buzsák and Tamási areas (Southwest Hungary), the company bid jointly with TPOC, a subsidiary of Turkish Petroleum.

Last October, MOL Group and Turkish Petroleum signed a Memorandum of Understanding in Istanbul, in which the two companies expressed their intention to jointly participate in exploration, field development and production projects in the Caspian region, in Türkiye, North Africa and Middle East as well as in Central and Eastern Europe.

MOL Group and Turkish Petroleum have already been cooperating in hydrocarbons exploration and production projects as joint venture partners in Azerbaijan in the Azeri-Chirag-Deepwater Gunashli (ACG) field since 2020, as well as in Russia in the Baitugan field since 2014.

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