Türkiye eyes Libya’s offshore fields for billion-dollar energy investments
The Abdulhamid Han drilling ship, a state-of-the-art vessel designed for deep-sea exploration of offshore energy fields, is seen docked at a port. (AA Photo)
Turkish Petroleum (TPAO), a state-owned energy company in Türkiye, is ready to “invest billions of US dollars in Libya’s offshore fields with immense potential,” Director General Ahmet Turkoglu stated.
Attending the Libya Energy and Economic Summit (LEES) in Tripoli, Turkoglu gave talks in a panel discussion titled “Libya: At the Crossroads of Global Energy Trade,” on Sunday.
Highlighting Libya’s ambition to produce 2 million barrels of oil per day, Turkoglu expressed confidence that the country is capable of achieving much more.
“As TPAO, we also believed in it and invested in the best opportunities in the past, but unfortunately, we had to leave. Now, we plan to rebuild our relationships and are ready to invest billions of dollars in this immense potential,” Turkoglu said.
‘Immense potential in Libya’s offshore fields’
Turkoglu underscored the promising prospects in Libya’s offshore fields, remarking, “We are ready to invest in this potential—be it through exploring new blocks or enhancing the performance and efficiency of current fields.”
Addressing the challenges faced by foreign investors, Turkoglu stressed the need for an accessible, competitive, and transparent market in Libya. “Market entry should be easy and fair, enabling all players to compete and contribute to Libya’s prosperity,” he emphasized.
Turkoglu noted some recent improvements but called for further progress, highlighting sustainability, predictability financial alignment, and streamlined operations as essential. “These advancements would make Libya an attractive destination for new investors and foster long-term collaboration. The potential is indeed remarkable, and if the environment is structured as a win-win for Libya and investing companies, the outcome will be highly beneficial,” Turkoglu concluded.
Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), ranks among the world’s top 10 countries with the largest proven oil reserves, boasting approximately 48.4 billion barrels, according to OPEC data.
Libya is also rich in natural gas resources, with proven reserves estimated at around 1.5 trillion cubic meters (396.25 trillion gallons).
