Turkish Petroleum Corporation general manager underscores exploration, development opportunities in Libya's offshore sector
Türkiye's state-owned Turkish Petroleum Corporation (TPAO) is ready to invest in Libya's energy sector, banking on the country's vast untapped resources, General Manager Ahmet Turkoglu said Sunday.
Speaking at the Libya Energy and Economic Summit (LEES) 2025 in Tripoli at a panel titled "Libya: At the Nexus of the Global Energy Trade," Turkoglu underscored TPAO's renewed interest in Libya as part of its global expansion strategy.
“We are here because we see great potential,” Turkoglu said, citing the North African nation's ambition to boost oil production to 2 million barrels per day. “I am sure Libya will achieve much more.”
Turkoglu reiterated Ankara's confidence in Libya's energy prospects, stating that TPAO is ready to commit significant investments.
“In the past, we invested but unfortunately had to leave. Now, we plan to rebuild relations and are ready to invest billions of dollars in this great potential,” he said.
He highlighted Libya's offshore energy sector as a promising area for exploration and development, describing existing fields and brownfields as holding immense opportunities.
“We believe in offshore potential. Current fields and brownfields have great opportunities for investment. We are ready to invest in this potential,” he noted.
Turkoglu also said TPAO is prepared to secure contracts for both new exploration blocks and existing ones to enhance their performance and efficiency.
- Call for transparency in Libya's energy market
Turkoglu emphasized the importance of competition and transparency in Libya's energy market to attract foreign investment.
“We need to create a win-win environment where both Libya and investors can thrive,” he said, stressing the need for improved sustainability, predictability, and financial compliance.
He pointed out challenges faced by foreign investors in Libya, calling for straightforward, competitive, and transparent market access to allow for broader participation and contribution to Libya's economic growth.
Despite obstacles, Turkoglu expressed optimism about Libya's energy future, provided a balanced environment benefiting both the country and its investors is established.
