MOL, TPAO Sign Joint Hydrocarbon Exploration Agreement in Hungary

Hungary's MOL Group and Turkey's Turkish Petroleum Corporation (TPAO) have signed concession agreements to jointly explore and produce hydrocarbons in two Hungarian regions, Tamási and Buzsák. This marks a significant expansion of their decade-long partnership, previously active in Russia and Azerbaijan, and represents TPAO's first direct investment in Europe. The collaboration is seen as a milestone in both countries' efforts to boost domestic energy production and reduce reliance on imports, with future plans to extend joint projects to regions such as the Caspian, Black Sea, North Africa, Asia, and the Middle East. Hungarian officials highlighted the agreement's role in enhancing energy security and maintaining regulated utility pricing, while Turkish officials underscored the shared challenges both nations face as energy importers. The partnership was formalized following a memorandum of understanding signed in October 2024, and is expected to further strengthen energy ties between Hungary and Turkey. Both sides expressed optimism that the agreement will open doors to additional opportunities in third countries.