MOL Group and Turkish Petroleum Corp. (TPAO) in Istanbul have signed a memorandum of understanding (MoU) to collaborate in the exploration and production of hydrocarbons in Turkey and potentially other regions.
Courtesy bp
bp began oil production in April from the new Azeri Central East (ACE) platform offshore Azerbaijan.
MOL Group and Turkish Petroleum Corp. (TPAO) in Istanbul have signed a memorandum of understanding (MoU) to collaborate in the exploration and production of hydrocarbons in Turkey and potentially other regions.
These include the Caspian, North Africa, Middle East, eastern and central Europe.
Under the MoU, they will jointly deploy their technical and commercial knowledge, engineering techniques and financial resources.
Both are currently partners in the Azeri-Chirag-Deepwater Gunashli (ACG) field in the Azerbaijani sector the Caspian Sea, and in the Baitugan field in Russia.
MOL Group aims to sustain its production at a minimum 90,000 boe/d over the next five years, partly by expanding the international portfolio of its Exploration and Production division.
