Turkish Energy Minister, Alparslan Bayraktar expressed Ankara’s intention to expand its economic presence in Libya’s offshore hydrocarbon activities. This is under the scope of the maritime jurisdiction agreement, signed in 2019.
This came during an interview with Turkey’s news agency, Anadolu on the sidelines of the Libya Energy and Economic Summit 2024 in Tripoli, organized by the Energy Capital and Power (ECP).
Bayraktar said his visit aims to strengthen ties between Turkey’s private and state companies in Libya in the fields of oil and natural gas, as well as mines and electricity.
“We showed our determination for cooperation,” Bayraktar said, adding, “Turkey and Libya will expand their cooperation in many energy fields in a longer-term and sustainable way.”
The Turkish minister pointed to Libya’s vast energy reserves, and stressed the necessity for a stable investment climate to ensure the longevity and effectiveness of cooperation.
“There is a huge potential in solar power, and Libya can benefit from Turkey’s experience in this sector,” he said, advocating for Turkish investment in Libya’s renewable energy infrastructure.
He also cited Turkey’s recent advancements in oil and gas exploration, particularly the rapid development of the Sakarya Gas Field, as a model of efficiency and success that can be replicated in Libyan waters.
“We want to be active in Libya’s offshore areas,” he said, emphasizing the cost-effectiveness and expedited results that Turkey’s state-of-the-art seismic, and drilling ships could bring to the region.
“In the near future, Turkey plans to dispatch a team to Libya for a more intensive technical study,” Bayraktar affirmed, signalling Turkey’s commitment to establishing a robust foothold in the Mediterranean nation’s energy sector.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.