Hungarian oil and natural gas company MOL Group and Turkish Petroleum Corporation (TPAO) signed a memorandum of understanding for the exploration and production of hydrocarbons.
The statement said that the agreement covers the potential for MOL Group and TPAO to work together on potential exploration, field development and production projects in the Caspian Sea region, Turkey, North Africa, the Middle East and Central and Eastern Europe.
MOL Group and TPAO have partnerships in hydrocarbon exploration and production projects in the Azeri-Chirag-Guneshli oil basins in Azerbaijan and the Baitugan oil basin in Russia.