Libya unveils first oil exploration tender in 17 years

TRIPOLI

Libya has announced a tender for the exploration of new oil and gas fields both onshore and offshore, marking the first such initiative since 2008, with the Turkish Petroleum Corporation (TPAO) attending the event.

The announcement was made during a ceremony held in the capital Tripoli where numerous international oil and gas companies participated.

Türkiye’s Ambassador to Tripoli, Güven Begeç, and Ahmet Türkoğlu from the TPAO also participated in the event.

In his address, Prime Minister Abdul Hamid Dbeibeh described the event as a historic moment in the global energy market, emphasizing Libya's strategic repositioning.

"For the first time in 17 years, we are launching a new exploration tender, sending a clear message that Libya has become a major target for oil and gas investments in a modern and transparent environment," he said.

Libya has Africa's most abundant hydrocarbon reserves but is struggling to recover from years of conflict after the 2011 uprising that overthrew longtime dictator Moammar Gadhafi.

Türkiye has been a significant supporter of Libya and its Tripoli-based Government of National Accord (GNA).

The two states saw closer ties in recent years, especially after the signing of security and maritime boundary pacts in late 2019.

The deal over the Eastern Mediterranean demarcated the countries' shared maritime borders to prevent any fait accompli by regional states.

The two countries also signed an energy exploration agreement in October 2022 to explore hydrocarbons in Libya's exclusive economic zone and the mainland by Türkiye.

In this long-awaited tender for the discovery of new oil and gas fields, companies meeting the requisite conditions will conduct exploration activities across a total area of 235,247 square kilometers—128,714 square kilometers on land and 106,533 square kilometers offshore.