MOL Group and Kazakhstan's national oil firm, KazMunayGas (KMG), have entered a cooperation agreement aimed at seeking opportunities within the oil, gas and petrochemical industries.
The new agreement is a continuation of their joint venture in Kazakhstan, where MOL, KMG and China's Sinopec have been extracting gas and gas condensate at the Rozhkovskoye field.
MOL Group and KMG aim to explore growth opportunities in hydrocarbon exploration and production, technology transfer, crude supply and petrochemicals.
The agreement prioritises expanding existing exploration and production cooperation and applying MOL technology to increase yields from mature fields in Kazakhstan. The companies also seek to import Kazakh crude oil to Europe and Hungary.
The agreement was signed in Budapest by MOL Group and KMG during the Kazakh President's visit to Hungary in November 2024.
MOL Group chairman and CEO Zsolt Hernádi stated: "The agreement we signed today further strengthens our 20-year-long good relationship with our partners in Kazakhstan. We have been successful in developing the Rozhkovskoye gas field and we found great expertise, friendships and possibilities in Kazakhstan.
“Today’s signing opens new doors for us and we are confident we will find new projects with KazMunayGas. Here I would like to thank the support of both of our governments to make this happen. I can promise that we at MOL are eager to boost the Kazakh-Hungarian economic relations further with new flagship projects in the energy sector.”
MOL celebrates its 20th anniversary in Kazakhstan in 2024, having invested $200m in the country’s oil industry, positioning it as the largest Hungarian investor in the region.
KMG and MOL Group have been working together in the Rozhkovskoye gas and gas-condensate field as part of an international joint venture.
Discovered in 2008, the field has seen production boosted to 1.35 million cubic feet of gas per day, contributing 4.43 thousand barrels of oil equivalent per day to MOL Group’s production.
The agreement with KMG follows recent agreements that MOL Group has signed with other strategic partners the State Oil Company of the Republic of Azerbaijan and Turkish Petroleum in Türkiye.
