Libya oil

The Libyan Oil and Gas Minister Mohammed Oun has told Anadolu Agency that Turkish companies are the top choice for seismic research in Libya as the country prepares to invite international companies for carrying out the research.

"Due to the geographical proximity Türkiye has and the experience that Turkish companies have in the field of seismic research, priority will be given to Turkish firms. I have requested the Libyan National Oil Corporation (NOC) to map out oil and natural gas discoveries. Oil and natural gas exploration activities have not been carried out in 30-40% of Libyan lands and seas." Oun explained.

Oun said that according to official data, 29 new oil fields and 12 natural gas fields were discovered and they could not be developed because of Libya's vast territorial waters. He expressed his hope for the exploration in the exclusive economic zones between Italy, Greece, Malta, Türkiye and Libya.

"It is not currently possible for Libya to increase its natural gas exports to European countries. The power plants in the country can only meet domestic needs. When we increase our daily production to 2 million barrels, our oil exports to Europe will also increase." Oun said, adding that according to research, Libya is the 5th country in the world in terms of shale oil and natural gas wealth.

Oun said Libya was excluded from the decision to reduce oil production taken by the Organization of Petroleum Exporting Countries (OPEC) last year, adding that Libya cannot reduce oil production due to its economic conditions and that oil production in the country has stabilized since July 2022, while crude oil production has reached an average of 1.2 million barrels per day.