MOL Group has signed a Memorandum of Understanding with Turkish Petroleum Corporation (TPAO) to cooperate in the exploration and production of hydrocarbons. MOL said the two firms agreed to elevate their cooperation to a new level after successful international joint projects to a potential partnership in exploration in Türkiye and further potential projects in other regions.

The MoU covers potential joint participation in exploration, field development and production projects in the Caspian region, Türkiye, North Africa and the 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) offshore field, and in the onshore Baitugan field in Russia.