By Emmanuel Nduka
Turkey is set to launch a series of new oil and natural gas exploration projects in Libya, Iraq, Somalia, and Azerbaijan, as part of a broader initiative to reduce its dependence on imported energy, Turkish Energy Minister Alparslan Bayraktar announced on Tuesday.
Speaking at an event in Istanbul, Bayraktar highlighted Turkish Petroleum Corporation’s expanding international ventures, emphasizing their role in strengthening Turkey’s energy independence. “These efforts are a key component of our long-term strategy to diversify energy sources and boost domestic production,” he stated.
In addition to these exploration initiatives, Bayraktar noted that Turkey is also exploring opportunities to expand its liquefied natural gas (LNG) trade network, aiming to secure more affordable and reliable energy supplies through partnerships with new international suppliers.
The announcement coincided with Libya’s National Oil Corporation (NOC) promoting investment opportunities in the country’s energy sector during the Istanbul event. As part of its own development strategy, the NOC plans to offer 22 onshore and offshore blocks in an upcoming international licensing round.
Libya is targeting an increase in crude oil production to 2 million barrels per day by 2027 and is encouraging foreign companies to re-enter the market and invest in the country’s largely untapped oil fields and energy infrastructure.
