Turkey will cooperate with Libya’s NOC in oil, gas exploration

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With seven licensed areas in the Eastern Mediterranean for oil exploration and drilling being obtain in the past month, Turkish Minister of Energy and Natural Resources Fatih Dönmez made a statement about strengthening cooperation with Libyan government.

Turkish Petroleum Corporation (TPAO) – Turkey’s national oil company – has already applied in recent weeks to drill in the seven chosen locations under the recent Libya pact.

”We plan to carry out exploration activities in Libya in cooperation with the National Oil Corporation (NOC). This was the case in the past. There could also be international companies with whom we can act together. This will become clearer as times goes on,” Dönmez told a local media outlet on Sunday.

He ensured that despite agreement over energy, Libyan resources must be prioritized towards Libyan development and the well-being of its citizens. Dönmez added that the cooperation is ”based on win-win formula”.

The minister said that Turkey, who spends $40 billion annually on energy imports, intends to manage national budget more effectively through the use of local and renewable energy.

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