KEY POINTS
- Turkey is negotiating oil and gas exploration deals in Libya, Iraq, and Bulgaria, with TPAO leading the efforts to diversify energy sources.
- Libya’s first energy tender in 17 years has drawn global firms like Eni and BP, signaling renewed investor confidence after years of conflict.
- Turkey is expanding its role as a regional gas hub, increasing transit capacity with Bulgaria and exploring new reserves in the Black Sea and Somalia.
Turkey is intensifying its push to secure new energy resources, with plans to explore oil and gas opportunities in Libya, Iraq, and Bulgaria.
Energy Minister Alparslan Bayraktar confirmed that state-owned Turkiye Petrolleri AO (TPAO) is negotiating a deal with a foreign partner to explore Bulgaria’s Black Sea region, expected to be finalized within a month. “This partnership will strengthen our regional energy footprint and diversify supply sources,” Bayraktar stated.
The move follows Bulgaria’s decision last year to grant exploration rights to Shell Plc, signaling growing interest in the Black Sea’s untapped reserves. Meanwhile, TPAO is also eyeing opportunities in Iraq, Azerbaijan, and Turkmenistan, as Turkey seeks to reduce its reliance on imported energy.
Libya reopens for business as global energy players return
Libya, home to Africa’s largest proven oil reserves, has become a focal point for international energy firms after launching its first exploration tender in over 17 years. The country’s National Oil Corp. recently held roadshows in Istanbul, London, and Houston to attract investment. “Libya’s energy sector is ripe for development, and we are keen to participate,” a TPAO representative noted.
Business Insider reports that the tender marks a significant step in Libya’s economic recovery after years of instability following the 2011 uprising. Major firms like Eni, BP, and Repsol have already resumed operations, with Turkey now positioning itself as a key player. Analysts suggest that successful exploration could help Libya boost its output from the current 1.2 million barrels per day to pre-conflict levels of 1.6 million.
Beyond exploration, Turkey is working to establish itself as a critical energy transit hub between Europe and the Middle East. Talks are underway with Bulgaria to expand gas transit capacity at their shared border, which would enhance flows into the EU. “Our goal is to leverage our strategic location to ensure energy security for both our domestic market and European partners,” Bayraktar emphasized.
In 2023, TPAO began gas production in Turkey’s Black Sea field and is conducting offshore surveys near Somalia. These efforts align with Ankara’s long-term strategy to reduce energy imports, which currently account for over 70% of its needs.
