Hungarian MOL expects joint participation with Turkish TPAO in exploration and production projects in the Caspian region, Report informs referring to the Hungarian company on social media.
"MOL Group strengthens its international portfolio with a new strategic partnership. We have signed a Memorandum of Understanding with Turkish Petroleum Corporation to support each other in the future as strategic partners in the exploration and production of hydrocarbons. With the agreement, which is in line with our long-term Shape Tomorrow strategy, we are opening a new chapter in our decade-long history together. Our goal is to keep the daily production volumes at a minimum 90 kboepd level throughout the next 5 years and our Exploration and Production division will do everything to further strengthen its international portfolio. We aim to establish strategic partnerships that help us contribute to the energy supply security and competitiveness of Central and Eastern Europe," reads the report.
MOL Group Executive Vice President Zsombor Marton explained in his post on social media that by signing the Memorandum of Understanding with TPAO, the companies agreed to take their cooperation, which has been successfully developing over many years within the framework of joint international projects, to a new level.
"We agreed to elevate our cooperation to a new level after decade-long successful international joint projects to potential partnership in exploration in Türkiye and further potential projects in other regions: possible joint participation in upstream projects in the Caspian region, North-Africa and Middle East as well as in Central and Eastern Europe," he wrote.
MOL and TPAO in Azerbaijan are shareholders in the development project of the Azeri-Chirag-Gunashli field block and the Baku-Tbilisi-Ceyhan oil pipeline.