Libya, Turkey Sign Offshore Exploration MoU

Libya’s National Oil Company (NOC) and Turkish state-owned oil firm TPAO have signed a memorandum of understanding to conduct geological and geophysical studies across four offshore areas, Reuters reported.

The MoU was signed on June 25 by officials from both companies. The agreement includes a plan for a two-dimensional seismic survey covering 10,000 km, with data processing to be completed within nine months.

The main objective is to assess the potential hydrocarbon reserves in these offshore blocks. The first seismic results are expected within months, potentially paving the way for further investment decisions.

Libya’s economy remains heavily reliant on oil and gas export revenues, which fund a large portion of government operations.

For Turkey, the collaboration aligns with its strategy to engage in Eastern Mediterranean energy projects and strengthen its regional presence in the hydrocarbon sector.