The MOL Group and Turkish Petroleum (TPAO) have signed concession agreements for the joint exploration and production of two new hydrocarbon fields located in the Tamási and Buzsák concession areas. To implement this, MOL and TPAO have established a joint venture. The concessions in Southern Transdanubia were applied for in consortium with TPOC Ltd., a subsidiary of Turkish Petroleum.
In autumn 2024, the two companies signed a memorandum of understanding to establish a strategic partnership. The collaboration aims to carry out joint projects focused on the exploration and development of oil fields in the Caspian Sea, Turkey, North Africa, the Middle East, and Central Eastern Europe. MOL and Turkish Petroleum already share a history of hydrocarbon exploration and production, including cooperation in Azerbaijan and Russia (Baitugan field).
MOL is Hungary’s largest hydrocarbon producer, covering a significant portion of the country’s oil and gas output in 2024. Hungary remains the most important site in the company’s production portfolio. Recently, thanks to its exploration efforts, MOL achieved a five-year production record in domestic output and discovered new oil fields in Vecsés and Somogysámson.