Hungary's MOL Group and the Turkish Petroleum Corporation (TPAO) have signed a memorandum of understanding on a strategic partnership in hydrocarbon exploration and production.
The MoU raises cooperation between the companies to the next level following successful joint international projects. It paves the way for joint participation in exploration, field development and production projects in the Caspian Sea region, Turkiye, North Africa, the Middle East and Central and Eastern Europe.
The MoU was signed in Istanbul by MOL chairman-CEO Zsolt Hernadi and TPAO chairman-CEO Ahmet Turkoglu.
MOL and TPAO have partnered on projects in Azerbaijan's ACG field and the Baitugan field in Russia.