This agreement builds upon the successful joint venture in Kazakhstan, where MOL, KMG, and China's Sinopec have been producing gas and gas condensate at the Rozhkovskoye field.

Source: WorldPipelines

Through this cooperation agreement, MOL Group and KMG have expressed their intention to explore new growth opportunities in hydrocarbon exploration and production, technology transfer, crude supply, and petrochemicals as strategic partners, taking their relationship to the next level.

The primary focus of the agreement is to enhance the existing exploration and production collaboration and to apply MOL technology in Kazakhstan to boost the yield of mature production fields and facilitate the sale of produced hydrocarbons in Europe. Additionally, the partners will look into potential petrochemical project concepts in Kazakhstan and explore the import of Kazakh crude oil to Europe and Hungary.

The document was signed in Budapest by MOL Group Chairman and CEO Zsolt Hernádi and KMG Chairman of the Management Board Askhat Khassenov during the visit of the Kazakh President to Hungary.

This year, MOL celebrates its 20th anniversary in Kazakhstan. The company has invested approximately US$200 million in the Kazakh oil sector, making it the largest Hungarian investor in the country.

KMG and MOL Group have been collaborating successfully in the Rozhkovskoye gas and gas condensate field in Kazakhstan, as part of an international joint venture that includes KMG, Kazakhstan (50%), MOL Group, Hungary (27.5%), and FIOC, China (22.5%). The field was discovered in 2008, and after exploration and appraisal, five out of nine drilled wells were successfully re-completed for production. The first gas was achieved in December 2023, and since then, well production has surged to 1.35 million m³/d of gas gross, contributing 443,000 bpd of oil equivalent to MOL Group's overall production.

The agreement signed with KMG follows recent agreements MOL Group has established with other strategic partners, including the State Oil Company of the Republic of Azerbaijan (SOCAR) and Turkish Petroleum Corporation (TPAO) in Turkey.