Turkey and Libya Forge Strategic Energy Partnership with Offshore Exploration Agreement
The Libyan National Oil Corporation and Turkey’s Petroleum Corporation have signed a comprehensive cooperation agreement covering geological exploration in four marine fields, marking a significant development in Libya’s post-war economic recovery efforts.
The partnership addresses Libya’s ambitious goal of reaching 2 million barrels of daily production by 2024, up from the current 1.2 million barrels. The agreement focuses on offshore exploration, where Libya’s hydrocarbon potential remains largely untapped and represents a crucial element in the country’s energy strategy.
From Turkey’s perspective, the agreement supports energy supply security through resource diversification and reduced import dependency. The cooperation builds on Turkey’s recent natural gas discoveries in the Black Sea and exploration activities in Somalia, while strengthening its position in the Eastern Mediterranean following the 2019 Maritime Jurisdiction Areas Agreement with Libya.
However, challenges remain significant. Each deep-sea drilling operation costs approximately $60-120 million, with total investment including platform installations, transportation lines, and processing facilities potentially reaching $3-5 billion. Political polarization between Libya’s western and eastern governments continues to threaten project sustainability, though Turkey’s engagement with all parties under its “One Libya” policy may help overcome these obstacles.
Source: MinbarLibya.org
