Photo: Offshore Technology
Türkiye’s state-run Turkish Petroleum Corporation (TPAO) and Hungary’s MOL have signed an agreement to launch joint oil and natural gas exploration and production at two sites in Hungary.
The deal was finalized on Wednesday during a ceremony in Budapest, News.Az reports, citing Turkish media.
“Bilateral cooperation between Türkiye and Hungary continues at a very high level across many sectors, with energy standing out as one of the most significant areas of partnership”, said Turkish Energy and Natural Resources Minister Alparslan Bayraktar during a press conference along with Hungarian Foreign Minister Peter Szijjarto following a signing ceremony in Budapest.
Noting that this partnership spans many years, Bayraktar said: “Today marked a particularly important milestone. We witnessed the signing of what could be described as Turkish Petroleum’s first investment in Europe.”
“The cooperation between TPAO and Hungary’s MOL is set to grow stronger in Hungary and hopefully continue in the years ahead,” he said, adding it is also expected to expand further in third countries across various regions, from Africa to Asia and the Middle East.
Both countries face similar challenges, as Türkiye and Hungary rely heavily on imported energy resources, the Turkish minister noted.
Referring to Monday’s blackout in Western Europe, Bayraktar highlighted the critical importance of energy security.
“To ensure energy security, we must continue strengthening and expanding our cooperation,” he said.
In an increasingly uncertain world marked by shifting trade policies and rising customs tariffs, energy security is “more vital” than ever, he added.
Bayraktar also highlighted Türkiye’s first gas export to a non-neighboring country through a deal between Turkish Petroleum Pipeline Corporation (BOTAS) and Hungary’s MVM in 2023.
“In line with the strategic decision we made together, we believe BOTAS and MVM can play a significant role in gas trade and supply not only in Hungary but also across Europe,” he added.
Hailing the recent deal involving a Turkish company in the consortium to build a natural gas power plant in Hungary, Bayraktar said that Türkiye remains fully committed to strengthening cooperation in oil and gas, electricity and nuclear energy.