Economy 21 March 2025, 4:01pm

Hungary Mol to set up joint venture with Turkish Petroleum Corporation

Portfolio

Hungarian energy group Mol and Turkish Petroleum Corporation (TPAO) will set up a joint venture and the Turkish side plans to invest more than $15 million in Hungary in this regard, Hungary's Minister of Foreign Affairs and Trade Péter Szijjártó announced in Ankara on Friday.

Mol announced in mid-October 2024 that it had signed a Memorandum of Understanding with Turkish Petroleum Corporation (TPAO) to cooperate as strategic partners in the exploration and production of hydrocarbons.

The companies agreed to elevate their cooperation to a new level after successful international joint projects to potential partnership in exploration in Türkiye and further potential projects in other regions.

Under the MoU, the parties expressed their intention to jointly provide their experience, technical and commercial knowledge, advanced techniques and financial resources.

Moreover, the MoU also covers potential joint participation in exploration, field development and production projects in the Caspian region, Türkiye, North-Africa and Middle East as well as in Central and Eastern Europe.

Mol and TPAO have been cooperating in hydrocarbons exploration and production projects as joint venture partners in Azerbaijan in the Azeri-Chirag-Deepwater Gunashli (ACG) field, and in the Baitugan field in Russia.

Péter Szijjártó said today that the strategic partnership between the two companies will continue, as

Mol and TPAO have agreed to jointly bid for exploration in Hungary,
to set up a joint venture, and
the Turkish side plans to invest more than USD 15 million in Hungary.

Mol and TPAO, which already have a successful cooperation in Russia, Türkiye and other countries, are preparing joint projects in new areas,

the minister said.

Mol is the largest hydrocarbon producer in Hungary: in 2024, the company provided 47% of domestic crude oil production (nearly 600k tonnes) and nearly 90% of natural gas production (nearly 1.5 bcm). Hungary is also the most important country in the Mol Group's oil and gas production portfolio, currently accounting for almost 39% of total production. The company has oil and gas exploration and production assets in a total of nine countries, eight of which are producing. Mol produced an average of 93,800 barrels of oil equivalent per day in 2024 and expects 92,000 to 94,000 boe per day in 2025.