Türkiye and Hungary sign agreement for joint hydrocarbon exploration
On Wednesday, Türkiye's state-run energy company, Turkish Petroleum Corporation (TPAO), and Hungary's MOL Group signed a concession agreement, granting joint rights for hydrocarbon exploration in two sites in Hungary, according to the announcement from the countries' top officials.
Energy and Natural Resources Minister Alparslan Bayraktar visited Budapest on Wednesday, where he met with Hungarian Minister of Foreign Affairs and Foreign Trade Peter Szijjarto, News.Az reports citing Turkish media.
"During the meetings, we made evaluations regarding cooperation in both our countries and third countries, especially in oil and natural gas exploration and production," the minister said in a post on X.
"As a result of this cooperation, the tender process we participated in within the scope of the 'Joint Bidding Agreement' signed between our national company TPAO and Hungary's national oil company MOL Group in 2024 was successfully concluded," he added.
"In doing so, we gained the right to explore for hydrocarbons in the Buzsak and Tamasi onshore blocks of Hungary," Bayraktar noted.
MOL and TPAO signed a memorandum of understanding (MoU) last October, in which the two companies expressed their intention to jointly participate in exploration, field development and production projects.
"With the 'Concession Agreement' we signed in Budapest today, we formalized our partnership. We wish that the signatures will open the door to new opportunities and be beneficial for both countries," the minister said.
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