At the Libyan Energy and Economy Summit in Tripoli, Türkiye underscored its commitment to strengthening cooperation with Libya, particularly in the oil and gas sectors, signaling a robust partnership in the making. Alparslan Bayraktar, Türkiye’s Energy and Natural Resources Minister, highlighted this burgeoning alliance during the summit, which saw leaders from top multinational oil companies gather to discuss prospects.
Libya, known for having Africa’s largest oil reserves, has faced production disruptions and political instability since the 2011 NATO-backed uprising. Despite these challenges, Türkiye has consistently supported Libya’s Government of National Accord (GNA) and is now set to deepen this relationship, especially following the 2019 security and maritime boundary agreements and the 2022 hydrocarbon drilling deal.
The minister emphasized the critical role of the 2019 maritime jurisdiction agreement in fostering cooperation, expressing Türkiye’s eagerness to engage in Libya’s maritime territories. This agreement aims to boost exploration activities and tap into Libya’s vast hydrocarbon potential, with Türkiye poised to dispatch teams for technical efforts in these regions.
Bayraktar’s visit to Libya signifies an effort to expand collaboration across various sectors, reflecting optimism for a long-term and sustainable partnership in energy and beyond. Türkiye’s commitment extends to Libya’s renewable energy potential, with the minister noting the significant solar energy prospects in the region. This move aligns with global energy trends and addresses the myriad challenges faced by the energy sector, including climate change, supply chain disruptions, and geopolitical tensions.
The concept of a “smart energy transition” was a key theme in Bayraktar’s address, advocating for a balanced approach to energy production and consumption. This transition underscores the need for substantial investments in the oil sector, estimated between $400 billion to $600 billion annually, to sustain oil supply levels. Additionally, the rise of electric vehicles presents new challenges in the demand for critical minerals, necessitating stable policy frameworks to manage market volatility.
Libya’s Oil and Gas Minister Mohamed Oun also spoke at the summit, revealing plans to explore new oil and gas fields, signaling a revitalization of Libya’s energy sector. Farhat Omar Bengdara, chairperson of the National Oil Corporation (NOC), discussed the corporation’s strategy to boost Libya’s energy production capacity to 2 million barrels per day. This strategy aims to reposition Libya as a leading energy producer, focusing on reviving oil industries and fostering international partnerships.
The summit marks a pivotal moment for Libya as it seeks to stabilize and reclaim its status in the global energy landscape. With Türkiye’s support, Libya’s journey towards becoming a significant energy producer seems more tangible, offering hope for economic development and energy security in a region poised for transformation.
Source: Daily Sabah
