Latest news with #TurkishPetroleum
Yahoo
02-05-2025
- Business
- Yahoo
MOL Group and Turkish Petroleum to jointly explore hydrocarbons in Hungary
MOL Group and Turkish Petroleum have entered into concession agreements with Hungary's Ministry of Energy, granting the companies rights for joint hydrocarbon exploration in two concession areas in Hungary, Tamási and Buzsák, reported europétrole. The concession agreements were signed in Budapest by MOL Group chairman and CEO Zsolt Hernádi and Turkish Petroleum chairman and CEO Ahmet Türkoğlu. Hungary's Ministry of Energy, after a five-year break, announced new mining concessions last autumn to enhance domestic production and mitigate import reliance. MOL Group successfully secured four out of the five concessions it bid for. The company independently bid for the Kiskőrös and Hatvan areas, while it partnered with TPOC, a subsidiary of Turkish Petroleum, for the Buzsák and Tamási concessions. MOL Group chairman and CEO Zsolt Hernádi said: 'I am proud to be signing this Concession Agreement along with our respected partner, Turkish Petroleum. Today's ceremony is the culmination of months of hard work in which we have taken MOL and TPAO's cooperation to a new strategic level. 'Beyond our close partnership, TPAO's entry into the Hungarian upstream sector is also a vote of confidence by TPAO in the Hungarian business environment.' In addition to these Hungarian projects, MOL and Turkish Petroleum are scouting for further collaborative opportunities across the Caspian region, the Black Sea, North Africa, and central and eastern Europe. The companies formalised their strategic partnership last October with a memorandum of understanding to jointly engage in exploration, field development and production projects across these regions. Turkish Petroleum chairman and CEO Ahmet Türkoğlu said: 'We have enjoyed a strong and long-standing partnership with MOL in Azerbaijan. Strengthened by our joint investments, this collaboration has inspired us to pursue further opportunities together. 'With this confidence, we took our first concrete step by signing a joint exploration agreement with MOL at two sites in Hungary. Looking ahead, we plan to leverage this positive momentum to inspire new joint ventures with MOL in various regions.' "MOL Group and Turkish Petroleum to jointly explore hydrocarbons in Hungary" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Trade Arabia
26-04-2025
- Business
- Trade Arabia
Dragon Oil signs strategic energy project deals with top firms
Dragon Oil, a fully owned entity of Dubai government, has signed a series of strategic agreements and MoUs with leading global players including Baker Hughes, Egyptian and Turkish Petroleum as part of its global expansion strategy. These deals, inked at the GOTECH 2025 expo in Dubai, were aimed at reaffirming the group's commitment to global expansion and strengthening its position in the energy sector. The signed agreements include: •Collaboration with Business Oil Africa to develop oil and gas assets in Gabon. •Award of a new concession agreement with the Egyptian General Petroleum Corporation (EGPC) for petroleum exploration and exploitation in the East El-Hamd Area. •A Memorandum of Understanding with Qorum to accelerate digital transformation and enhance operational efficiency. •Partnership with Baker Hughes Corva and Exebenus to pilot Artificial Intelligence (AI) solutions in drilling operations management. •Collaboration with BGP to leverage cutting-edge seismic survey technologies and AI applications. •A reconciliation agreement with Turkish Petroleum Corporation (TPAO). Speaking on the occasion, CEO Ali Rashid Al Jarwan said: "The signing of these agreements reflects our strategic vision for smart expansion, investment in digital innovation, and solidifying our position as a trusted partner in the global energy sector." "We are committed to building strong partnerships that drive sustainable growth and support future transformations," stated Al Jarwan.
Yahoo
09-04-2025
- Business
- Yahoo
Türkiye's TPAO partners with Pakistani companies for offshore oil and gas exploration
Türkiye's state-owned Turkish Petroleum (TPAO) has partnered with three Pakistani national energy companies to bid in Pakistan's offshore oil and gas exploration tender. This collaboration marks a strategic energy move for both nations. The agreement was signed during an official visit to Islamabad by Turkish Energy Minister Alparslan Bayraktar, who attended the Pakistan Mining Investment Forum. Minister Bayraktar highlighted the importance of value-added mining and environmentally sensitive practices to attract investment. He noted that Türkiye is working on a reform package to facilitate mining investments by streamlining permit processes. The joint bidding agreement involves Turkish Petroleum and Pakistan's national oil companies Mari Energies, OGDCL and PPL. Pakistan plans to bid for 40 sea exploration blocks by 30 June 2025, with 14 in the Makran offshore basin and 26 in the Indus offshore basin. The four companies will jointly bid for selected blocks. "This step will deepen the strategic energy partnership between Türkiye and Pakistan and will also be an important threshold for regional energy security. I wish the agreement to be beneficial for the two countries in advance," Bayraktar stated. In July last year, Türkiye signed an agreement granting exclusive rights to explore and produce hydrocarbons in three blocks in Somalia, covering a combined area of 5,000km². Russia and Pakistan are also exploring potential cooperation in offshore oil and gas exploration and refining, following intergovernmental meetings in December 2024 in Moscow. Discussions included Russia potentially supplying Pakistan with crude oil and grain as part of efforts to strengthen energy ties. Since 2022, Russia has regularly supplied oil to Pakistan after the EU embargo on Russian energy products. In a related development, MariEnergies has struck oil at the Shawal-1 well at its fully owned Mari Development & Production Lease in Sindh Province, Pakistan. The company successfully drilled the well to a depth of 1,136m at the Ghazij Formation. "Türkiye's TPAO partners with Pakistani companies for offshore oil and gas exploration" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
