TPAO to conduct explorations at 4 sites in Libya

ISTANBUL

Türkiye's state-owned Turkish Petroleum Corporation (TPAO) and Libya's National Oil Corporation (NOC) will carry out a geological and geophysical study of Libya's four offshore areas, according to a deal signed between the two companies.

TPAO's General Manager, Ahmet Türkoğlu, and NOC's Chairman of the Board of Directors, Masoud Suleman, signed the Memorandum of Understanding (MoU) in Istanbul on June 25.

With the MoU, the companies also discussed conducting a two-dimensional, 10,000-kilometer seismic survey and processing the resulting data within a maximum of nine months.

TPAO has been expanding its international cooperation.

Earlier in June, the state-owned energy company joined a production-sharing agreement with Azerbaijan’s SOCAR and BP for the Shafaq-Asiman offshore block in the Caspian Sea. It signed an agreement to take a 30 percent stake in the gas development project.

Earlier this year, TPAO also inked a deal with Hungary’s MOL.

Under the agreement TPAO and MOL will start oil and natural gas exploration and production at two sites in Hungary.