Turkey is planning a series of new oil and natural gas exploration projects in Libya, Iraq, and Somalia, as part of a broader strategy to reduce its reliance on foreign energy sources, Energy Minister Alparslan Bayraktar announced on Tuesday.
Minister Bayraktar revealed Tuesday, that Turkish Petroleum Corporation is actively exploring new ventures in Libya, Iraq, Somalia, and Azerbaijan.
The National Oil Corporation (NOC) presented investment opportunities in the country’s energy sector at a promotional event in Istanbul.
“These initiatives form part of Turkey’s long-term energy policy to diversify its suppliers and increase domestic production,” Bayraktar said, noting that expanding liquefied natural gas (LNG) trade with additional partners was also on the table to secure cost-effective energy.
Meanwhile, Libya’s NOC has unveiled plans to offer 22 onshore and offshore exploration blocks in an upcoming international licensing round.
The NOC aims to boost national crude oil production to 2 million barrels per day by 2027, encouraging international firms to return and invest in Libya’s underexplored fields and energy infrastructure.
