As has been agreed between Turkish TPAO and Hungarian MOL companies 50% share in the Baitugan oil field will be handed over to the Turkish company.
The Baitugan oil field is located in the Volga-Ural region of Russia. Its resources total 100 million barrels.
Turkish Minister of Energy and Natural Resources Taner Yildiz said that the agreement between TPAO and MOL has been approved by the Russian Competition Council.
TPAO has intensified its oil and gas search both inside and outside of the country to reduce the country’s dependence on foreign energy.
Turkey imports 92% of consumed oil and 98% of consumed gas. Russia is among the biggest exporters of oil and gas to Turkey, writes Russian Oil.
