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Oil Price Reveals the Return of Turkish Companies to Reinvest in Libya

The General Manager of the Turkish Petroleum Corporation, Ahmet Türkoglu, stated in an interview with Oil Price that the company is ready to invest billions of dollars in developing offshore oil fields in Libya.

Türkoglu emphasized: “Years ago, we invested in some of the best opportunities in Libya but, unfortunately, had to leave. Now, we are planning to rebuild our relationships and are prepared to invest billions of dollars in these vast potentials.”

He added that the company is willing to invest in these opportunities, whether through exploring new fields or enhancing the performance and efficiency of existing ones.

At the same time, Libya’s Minister of Oil mentioned that the country needs around $3-4 billion to boost its oil production to 1.6 million barrels per day. Speaking to Reuters, Khalifa Abdul Sadik also stated that the government plans to hold a licensing round for new oil and gas projects before the end of the month.

Abdul Sadik noted that reconstruction incentives rely on increased production, adding that the target of 1.6 million barrels per day is a stepping stone toward reaching 2 million barrels per day.

Oil Price highlighted Libya’s position as holding the largest oil reserves in North Africa, though production has been disrupted by political and security instability. Despite these challenges, Libya achieved a new milestone late last year with production reaching 1.59 million barrels per day.

According to the site, the daily average production rate is approximately 1.4 million barrels per day. Before the civil war that began in 2011, Libya reached its all-time high of over 1.7 million barrels per day.

Adapted from Oil Price

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