Hungarian energy company MOL Group has signed a memorandum of understanding (MOU) with Turkish Petroleum to collaborate on hydrocarbon exploration and production.

This agreement aims to leverage the companies' combined expertise and resources to expand their cooperation, potentially in Türkiye and other regions.

The MOU outlines a framework for MOL Group and Turkish Petroleum to provide their collective experience, technical and commercial knowledge, advanced techniques and financial resources.

The collaboration may include joint participation in exploration, field development and production projects across the Caspian region, Türkiye, North Africa, the Middle East, and central and eastern Europe.

MOL Group chairman and CEO Zsolt Hernádi said: “I am glad that the new strategic partnership between MOL Group and Turkish Petroleum brings our companies’ excellent cooperation to a new level, after working together for a decade in international exploration and production projects.

“I believe the future holds further joint successes. The partnership in oil and gas exploration serves as a gateway to further extend our international portfolio and thus contribute to the energy supply security and competitiveness of central and eastern Europe. In these times of geopolitical uncertainty and rapid changes, strategic partnerships are more valuable than ever.”

Hernádi and Turkish Petroleum chairman and CEO Ahmet Türkoğlu formalised the agreement.

The two companies have a history of joint ventures, having worked together on Azerbaijan's Azeri-Chirag-Deepwater Gunashli field and Russia's Baitugan field.

This strategic partnership aligns with MOL Group's updated strategy, Shape Tomorrow, which focuses on maintaining daily production volumes at a minimum of 90,000 barrels of oil equivalent per day over the next five years.

To achieve this, the company's Exploration and Production division is looking to strengthen its international portfolio through strategic partnerships.