Türkiye and Hungary Ink Concession Agreement for Joint Hydrocarbon Exploration
Budapest, The Gulf Observer: Türkiye’s state-run Turkish Petroleum Corporation (TPAO) and Hungary’s national oil and gas company MOL Group have signed a concession agreement granting joint rights for hydrocarbon exploration in Hungary, according to an official announcement by senior energy officials from both countries.
The signing took place during the official visit of Turkish Minister of Energy and Natural Resources Alparslan Bayraktar to Budapest on Wednesday, where he held discussions with Hungarian Minister of Foreign Affairs and Foreign Trade Péter Szijjártó.
“During our meetings, we evaluated opportunities for cooperation in both our countries and third countries, especially in oil and natural gas exploration and production,” Minister Bayraktar said in a statement posted on X (formerly Twitter).
He noted that the agreement was the result of a successful bidding process conducted under the framework of a Joint Bidding Agreement signed in 2024 between TPAO and MOL Group. “Through this collaboration, we have secured the rights to conduct hydrocarbon exploration activities in the Buzsák and Tamási onshore blocks of Hungary,” he added.
The agreement builds on a memorandum of understanding (MoU) signed between the two companies in October 2024, which laid the groundwork for joint efforts in exploration, field development, and production initiatives.
“With the concession agreement signed in Budapest today, we have formalized our partnership,” Bayraktar stated. “We hope this milestone opens the door to new opportunities and proves beneficial for both nations.”
The development marks a significant step forward in Türkiye and Hungary’s strategic energy cooperation, with both countries emphasizing their intent to deepen ties in energy security, diversify supply routes, and pursue joint ventures in global energy markets.
