Türkiye Will Be Very Active In Both Onshore and Offshore Libya

Meeting with Prime Minister Dibeybe

Minister Bayraktar first met with Libyan Prime Minister Abdulhamid Dibeybe within the scope of Libya contacts. Minister Bayraktar, who made a statement on his social media accounts regarding the meeting, stated that they discussed the cooperation in the field of energy, especially hydrocarbon exploration, production and trade, in depth. Bayraktar also noted that they have made evaluations on concrete projects that will take the Türkiye-Libya energy partnership to a further stage with a sustainable and long-term perspective based on mutual trust.

22. Joint Economic Commission Meeting

After 17 years, the 22. Joint Economic Commission (JEC) took place in Tripoli, with the signing of a Memorandum of Understanding with Mr. Muhammad Shahubi, Libya's Minister of Transport and Co-Chair of the JEC.

In the field of energy, we agreed to increase and diversify the ongoing successful activities between the public companies of the two countries in the trade of petroleum and petroleum products. We confirmed our common will to cooperate in Libya's land and sea areas. In addition, we reached a consensus on developing cooperation between the two countries in the fields of renewable energy and mining.

We wish to transform our historical brotherhood into an economic development initiative strengthened by the "win-win" principle and sincerity. Türkiye will continue to be Libya's greatest supporter, as it has been in the past, in its path toward stability, prosperity, and building a strong future with its own resources.

Priority Supply Security

Minister Bayraktar also participated in the ministerial panel titled “Strategic Partnerships: Positioning Libya as a Global Energy Leader” organized within the scope of the Libya Energy and Economy Summit. Minister Bayraktar, who made a speech here, explained Türkiye's energy vision. Pointing out that Türkiye's energy demand continues to grow, Bayraktar stated that their priority is to increase supply security, as well as to reduce import dependence on gas, oil and coal, and to turn the Turkish economy into a carbon neutral economy in 2050. Bayraktar emphasized that they shape energy policies around these three issues.

Great Potential in Renewable Energy

Pointing out that renewable energy has an important place in Türkiye's journey, Bayraktar said, "We have a great potential in solar, wind, geothermal and biomass, and we include approximately 9 GW of new solar and wind energy in our energy mix every year. In addition, we have a very comprehensive program on energy efficiency.”

Target in Nuclear 20 GW

Stating that 4 reactors will be built in Akkuyu Nuclear Power Plant, Bayraktar said, "We are not satisfied with this and want to add 8 more nuclear reactors to our energy basket in the next 20 years. Türkiye aims to reach a nuclear capacity of 20 GW by the middle of the century. In addition to large-scale conventional projects, we want to include small modular reactors (SMR) in our nuclear program.” Bayraktar also stated that they plan to commission the first reactor in Akkuyu this year.

Oil and Natural Gas

Explaining that approximately 60 thousand barrels of oil equivalent natural gas are currently produced from Sakarya Gas Field, Bayraktar stated that they will double the production there this year and quadruple it in 2028. Bayraktar explained that approximately 80 thousand barrels of oil are produced daily in the fields in Gabar.

We Will Be Very Active In Libya

Minister Bayraktar said, "I believe that we will have a much greater potential with international cooperation. That's why we are in Libya; we have very strong, ambitious goals and joint work with our counterparts here. In this context, Türkiye will be very active in both onshore and offshore Libya.” said.

Target One Million Barrels Of Production

Stating that negotiations for projects in Libya, Iraq, Kazakhstan and different regions of the world continue, Minister Bayraktar said, "Our goal is to reach the target of one million barrels of oil production per day, which is expected to produce half a million barrels in 2028. However, for this, we need to pave the way for partnerships and collaborations with competent companies," he said.

Diversity is Key

Emphasizing that they are trying to diversify the existing supply portfolio, Minister Bayraktar said, “That is why you see that Türkiye has signed long-term LNG agreements, especially US exporters and suppliers. Diversity is the key to achieving long-term development goals," he said.

Turkish Road Against Geopolitical Tensions

Noting that the world has faced various tests such as pandemics, trade wars, variable monetary policies, violent fluctuations in commodity and energy prices, geopolitical tensions and wars for the last 5-6 years, Bayraktar said, "The way to overcome all these challenges we face is through strong international cooperation." Bayraktar also emphasized that they have developed the 'Turkish way' against the aforementioned geopolitical tensions.