MOL Group, TPAO to explore two hydrocarbon concession areas in Hungary

MOL Group and Turkish Petroleum Corp. (TPAO), the national oil company of Türkiye, signed concession agreements with the Ministry of Energy of Hungary, granting rights for joint hydrocarbon exploration in two Hungarian concession areas, Tamási and Buzsák. 

The Ministry of Energy of Hungary announced new mining concessions in 2024 after a 5-year hiatus, citing the need to boost domestic production and reduce import exposures. 

MOL bid for five concessions and won four. For two concessions, that cover the Kiskőrös and Hatvan area, MOL bid independently, while for the Buzsák and Tamási areas (southwest Hungary), the company bid jointly with TPOC Ltd., a subsidiary of Turkish Petroleum.  

Last October, the companies signed a memorandum of understanding in Istanbul, in which they expressed intent to jointly participate in exploration, field development, and production projects in the Caspian region, in Türkiye, North Africa, and Middle East as well as in Central and Eastern Europe. 

MOL Group and Turkish Petroleum currently serve as joint venture partners in hydrocarbon exploration and production projects in Azeri-Chirag-Deepwater Gunashli (ACG) field in Azerbaijan, as well in Baitugan field in Russia.

MOL in Hungary

MOL is the largest hydrocarbon producer in Hungary, providing about 47% of crude oil and nearly 90% of natural gas domestic production. Hungary accounts for the largest portion MOL Group's oil and gas production portfolio, with about 39% of total production.  

In 2022, MOL discovered Vecsés oilfield near the Hungarian capital, where three wells are producing. More recently, the operator discovered Somogysámson oilfield in southwest Hungary. Over the past years, 24 successful shallow gas wells were drilled, and the company acquired gas fields and related infrastructure in east Hungary covering an area of about 1000 sq km, with 29 hydrocarbon production wells and further exploration potential.