MOL to look for oil and gas with Turkish Petroleum in Hungary
Hungarian oil and gas company MOL and Turkish Petroleum Corporation (TPAO) began seismic measurements near Buzsák (Southwest Hungary), looking for promising oil or gas deposits under local concession areas, MOL said on Monday.
MOL and TPAO signed a strategic partnership agreement last year and jointly won concessions called by Hungary’s Energy Ministry. MOL won two concessions, located near Kiskőrös and Hatvan, independently, and two, near Buzsák and Tamási, jointly with TPAO, the Hungarian News Agency wrote.
The two companies earlier cooperated in hydrocarbon projects in Azerbaijan and in Russia.
MOL and TPAO signed a memorandum of understanding in October 2024 on joint exploration, field development and production projects in the Caspian region, Türkiye, North Africa, the Middle East and Central and Eastern Europe, and the seismic measurements near Buzsák are the first concrete step since then, with more to follow soon.
The Buzsák concession has an area of over 800sqkms, located near the Somogysámson oil field announced early this year.
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