Libya and Turkey Sign Hydrocarbon Exploration Agreement

Libya and Turkey have signed an agreement for hydrocarbon exploration in Libyan waters three years a maritime delimitation agreement.

Share:

Libya and Turkey signed a hydrocarbon exploration agreement in Libyan waters on Monday, three years after reaching a controversial maritime delimitation agreement that had drawn the ire of the European Union (EU).

“We have signed a memorandum of understanding for the exploration of hydrocarbons in Libyan territorial waters as well as on Libyan soil by Turkish-Libyan joint companies,” said the head of Turkish diplomacy Mevlut Cavusoglu, during a press briefing with his Libyan counterpart Najla al-Mangoush.

The memorandum was signed during a visit to Tripoli by a high-level Turkish delegation including the Ministers of Energy, Fatih Dönmez, Defense, Hulusi Akar, and Trade, Mehmet Mus.

This memorandum provides for “developing projects related to the exploration, production and transportation of oil and gas,” explained the spokesman for the government in Tripoli, Mohamed Hamouda, in a Facebook post.

A controversial maritime delimitation agreement had been reached in November 2019 between the former UN-recognized Tripoli-based Government of National Unity (GNA) and the Turkish government.

This agreement allows Ankara to assert rights over large areas in the eastern Mediterranean, much to the chagrin of Greece and the EU.

Mr. Cavusoglu defended this agreement and the memorandum on hydrocarbons. This is “a matter that concerns two sovereign countries, it is a win-win for both and other countries have no right to interfere in these matters,” he said.

Mrs. Mangoush welcomed the “very important” agreement reached on Monday, saying that it served “the interests of both countries”.

– “Illegal” –

In return for the 2019 maritime delimitation agreement, Turkey had helped the Tripoli government repel in June 2020 the offensive led by the forces of eastern strongman Marshal Khalifa Haftar to take the capital.

Ankara had sent military advisers and drones to Libya, which helped inflict a series of defeats at the gates of Tripoli on the forces of Marshal Haftar, supported by Russia and Ankara’s regional rivals, including the United Arab Emirates and Egypt.

Since March, two governments have been fighting for power in Libya, a country that fell into chaos after the uprising that led to the fall of Muammar Gaddafi’s regime in 2011.

The one in Tripoli was established in 2021 as part of a UN-sponsored peace process, while the other is led by former Interior Minister Fathi Bachagha and supported by Field Marshal Haftar’s camp.

The speaker of the eastern-based parliament, Aguila Saleh, an ally of Marshal Haftar, called the agreement signed Monday “illegal and unacceptable.”

The government supported by the eastern camp also rejected it, reserving “the right to resort to the courts” to obtain its cancellation.

Reacting to the memorandum signed on Monday, Greek diplomatic chief Nikos Dendias revealed on Twitter that he and his Egyptian counterpart Sameh Shoukry believed that the Tripoli government lacked “legitimacy” to seal such an agreement.

Mr. Dendias also announced that he would go to Cairo on Sunday for “consultations” on this issue.

Cyprus, Egypt and Greece believe that the 2019 Turkish-Libyan maritime delimitation agreement violates their economic rights in this sector, where the discovery in recent years of vast gas deposits has whetted the appetite of countries in the region.

Egypt and Greece had signed in August 2020 their own agreement on the demarcation of maritime borders in the eastern Mediterranean, as a response to the Turkish-Libyan agreement.

Several international agencies have echoed warnings by Teresa Ribera, Vice-President of the European Commission, about commercial risks related to Chinese competition, emphasizing the EU's refusal to engage in a price war.
The European Bank for Reconstruction and Development lends €400 million to JSC Energocom to diversify Moldova's gas and electricity supply, historically dependent on Russian imports via Ukraine.
BRICS adopt a joint financial framework aimed at supporting emerging economies while criticizing European carbon border tax mechanisms, deemed discriminatory and risky for their strategic trade relations.
The European Commission is launching an alliance with member states and industrial players to secure the supply of critical chemicals, amid growing competition from the United States and China.
Trade between Russia and Saudi Arabia grew by over 60% in 2024 to surpass USD 3.8 billion, according to Russian Minister of Industry and Trade Anton Alikhanov, who outlined new avenues for industrial cooperation.
Meeting in Rio, BRICS nations urge global energy market stability, openly condemning Western sanctions and tariff mechanisms in a tense economic and geopolitical context.
Despite strong ties, Iran's dependence on oil revenues limits its ability to secure substantial strategic support from Russia and China amid current international and regional crises, according to several experts.
Egypt’s Electricity Minister engages in new talks with Envision Group, Windey, LONGi, China Energy, PowerChina, and ToNGWEI to boost local industry and attract investments in renewable energy.
The potential closure of the Strait of Hormuz places Gulf producers under intense pressure, highlighting their diplomatic and logistical limitations as a blockage threatens 20 million daily barrels of hydrocarbons destined for global markets.
Budapest and Bratislava jointly reject the European Commission's proposal to ban Russian energy supplies, highlighting significant economic risks and a direct threat to their energy security, days ahead of a key meeting.
Libya officially contests Greece's allocation of offshore oil permits, exacerbating regional tensions over disputed maritime areas south of Crete, rich in hydrocarbons and contested by several Mediterranean states.
Hungary, supported by Slovakia, strongly expresses opposition to the European Commission's plan to phase out imports of Russian energy resources, citing major economic and energy impacts for Central Europe.
Israeli military strikes on Iran's Natanz nuclear site destroyed critical electrical infrastructure but did not reach strategic underground facilities, according to the International Atomic Energy Agency (IAEA).
The French president travels to Nuuk on 15 June to support Greenlandic sovereignty, review energy projects and respond to recent US pressure, according to the Élysée.
Kazakhstan has selected Rosatom and China National Nuclear Corporation to build two nuclear power plants totaling 2.4 GW, a decision following a favorable referendum and coinciding with Xi Jinping’s upcoming strategic visit.
Israeli strikes against Iranian nuclear sites disrupt US-Iranian talks on the nuclear deal. Tehran now considers canceling the upcoming negotiation round in Oman, heightening regional economic concerns.
Facing alarming breaches of uranium enrichment thresholds by Iran and explicit existential threats, Israel launches targeted military strikes against Iranian nuclear infrastructure, escalating regional tensions dramatically.
The Kremlin has confirmed that Vladimir Putin aims to help resolve the nuclear dispute between the United States and Iran, leveraging strengthened strategic ties with Tehran.
President Lee Jae-myung adopts an energy diplomacy rooted in national interest, amid a complex international landscape of rivalries that could create challenging situations for the country and its energy businesses.
Paris and Warsaw held a bilateral workshop in Warsaw to strengthen coordination on electricity infrastructure investments and supply security under the Nancy Treaty.