Turkish TPAO Poised to Invest ‘Billions’ in Libya

The head of Turkey’s state oil company TPAO has announced ambitious plans to invest heavily in Libya’s energy sector, positioning the company to become a major player in North Africa’s largest proven oil reserves.

Speaking at the Libya Energy and Economy Summit 2025 in Tripoli, TPAO Director-General Ahmet Türkoğlu outlined the company’s commitment to expanding its presence in Libya as part of its global growth strategy. The investment timeline is expected to span the next five years, though specific details remain under negotiation.

“We are prepared to invest billions of dollars in Libya’s tremendous potential,” Türkoğlu said, expressing confidence in the country’s energy prospects. He specifically highlighted Libya’s aim of increasing oil production to 2 million barrels per day from its current output of approximately 1.2 million barrels per day, suggesting that even higher output levels might be achievable.

The Turkish executive identified Libya’s offshore energy sector, particularly in the Mediterranean basin, as a promising area for exploration and development.

TPAO is seeking production sharing agreements and exploration licences for both new and existing blocks, aiming to enhance operational efficiency and performance across the sector.

The company already operates several onshore concessions in Libya’s Sirte Basin, acquired during previous licensing rounds.

However, Türkoğlu emphasised that attracting foreign investment would require improvements in market conditions. “We need to create a win-win environment,” he stated, calling for enhanced sustainability, predictability and financial compliance measures. His comments come as Libya’s National Oil Corporation (NOC) works to modernise its contractual frameworks for international operators.

Addressing current market challenges, he advocated for more transparent and competitive access for foreign investors, arguing that such reforms would contribute significantly to Libya’s economic growth.

The country’s energy sector has faced periodic disruptions due to political tensions, though recent stability initiatives have improved operational conditions.

The announcement comes as Libya continues efforts to modernise its energy sector and attract international investment to develop its substantial hydrocarbon resources, estimated at 48 billion barrels of proven oil reserves.

The country’s strategic location, with easy access to European markets, makes it particularly attractive for international energy companies seeking to expand their Mediterranean operations.

TPAO’s interest represents one of the largest potential foreign investments in Libya’s energy sector since the country began its push for international partnerships in 2023.

The Turkish company, which has expanded its regional portfolio significantly in recent years, sees Libya as a key component of its Mediterranean strategy, complementing its existing operations in Turkey’s offshore sectors.​​​​​​​​​​​​​​​​