MOL and TPAO signed agreement on hydrocarbon exploration in Hungary

The MOL Group and Turkish Petroleum (TPAO) have signed concession agreements with the Hungarian Ministry of Energy to launch joint hydrocarbon exploration in two concession areas in Hungary, Tamási and Buzsák.

The joint tender and exploration programme is the first significant step since the two companies signed a strategic partnership agreement last year. MOL and TPAO see further joint opportunities in the Caspian, the Black Sea, North Africa and Central and Eastern Europe.

“Today’s event is the culmination of several months of hard work, during which we have taken the cooperation between MOL and TPAO to a new level,” said Zsolt Hernádi, CEO of MOL Group. “In addition to the close partnership, TPAO’s entry into the Hungarian research and production sector is a good sign of confidence in the Hungarian business environment.”

MOL and TPAO have previously cooperated on hydrocarbon exploration and production projects, such as in Azerbaijan, in the ACG (Azeri-Chirag-Gunashli) deepwater field since 2020, and in the Baitugan field in Russia since 2014.

The Energy Ministry announced new mining concessions last autumn after a five-year hiatus, stressing the importance of increasing domestic production and reducing import exposure. MOL applied for five concessions, four of which were successful.