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Libyan Express
11 hours ago
- Business
- Libyan Express
Libya and Turkey sign offshore energy deal
BY Libyan Express Jun 26, 2025 - 06:13 NOC and TPAO ink exploration agreement as tensions rise in eastern Mediterranean Libya's National Oil Corporation (NOC) has signed a Memorandum of Understanding (MoU) with the Turkish Petroleum Corporation (TPAO), paving the way for offshore oil and gas exploration in Libyan waters. The agreement was formalised in Istanbul by NOC Chairman Masoud Suleiman and TPAO Director Ahmet Türkoğlu. According to a statement issued by the NOC, Turkish Petroleum will undertake extensive geological and geophysical studies across four offshore areas deemed to have strong exploration potential. As part of the MoU, a two-dimensional seismic survey will be conducted, covering an estimated 10,000 kilometres. The data collected will then be processed in detail, with the entire programme expected to be completed within nine months. The deal comes at a time of renewed maritime tensions between Libya and Greece. Just days earlier, Libya's Tripoli-based Government of National Unity (GNU) summoned the Greek ambassador, Nikolaos Garilidis, to protest what it described as Athens' 'unilateral actions' in contested maritime zones. The move followed an announcement by Greek Prime Minister Kyriakos Mitsotakis that naval vessels would be deployed to international waters off the Libyan coast. He described the operation as a 'precautionary measure' aimed at monitoring irregular migration, and claimed it would be carried out 'in coordination with Libyan authorities and other European forces'. 'Smugglers will not dictate who enters our country,' Mitsotakis stated. Both the GNU and Libya's rival eastern-based administration have issued strong objections to Greece's recent international tenders for hydrocarbon exploration south of Crete, arguing that parts of the designated areas fall within Libya's undelimited maritime jurisdiction and sovereign rights. The agreement between the NOC and TPAO is likely to add further complexity to already fraught regional maritime relations, particularly in the eastern Mediterranean, where longstanding disputes over energy rights and territorial waters persist. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
Yahoo
02-05-2025
- Business
- Yahoo
MOL Group and Turkish Petroleum to jointly explore hydrocarbons in Hungary
MOL Group and Turkish Petroleum have entered into concession agreements with Hungary's Ministry of Energy, granting the companies rights for joint hydrocarbon exploration in two concession areas in Hungary, Tamási and Buzsák, reported europétrole. The concession agreements were signed in Budapest by MOL Group chairman and CEO Zsolt Hernádi and Turkish Petroleum chairman and CEO Ahmet Türkoğlu. Hungary's Ministry of Energy, after a five-year break, announced new mining concessions last autumn to enhance domestic production and mitigate import reliance. MOL Group successfully secured four out of the five concessions it bid for. The company independently bid for the Kiskőrös and Hatvan areas, while it partnered with TPOC, a subsidiary of Turkish Petroleum, for the Buzsák and Tamási concessions. MOL Group chairman and CEO Zsolt Hernádi said: 'I am proud to be signing this Concession Agreement along with our respected partner, Turkish Petroleum. Today's ceremony is the culmination of months of hard work in which we have taken MOL and TPAO's cooperation to a new strategic level. 'Beyond our close partnership, TPAO's entry into the Hungarian upstream sector is also a vote of confidence by TPAO in the Hungarian business environment.' In addition to these Hungarian projects, MOL and Turkish Petroleum are scouting for further collaborative opportunities across the Caspian region, the Black Sea, North Africa, and central and eastern Europe. The companies formalised their strategic partnership last October with a memorandum of understanding to jointly engage in exploration, field development and production projects across these regions. Turkish Petroleum chairman and CEO Ahmet Türkoğlu said: 'We have enjoyed a strong and long-standing partnership with MOL in Azerbaijan. Strengthened by our joint investments, this collaboration has inspired us to pursue further opportunities together. 'With this confidence, we took our first concrete step by signing a joint exploration agreement with MOL at two sites in Hungary. Looking ahead, we plan to leverage this positive momentum to inspire new joint ventures with MOL in various regions.' "MOL Group and Turkish Petroleum to jointly explore hydrocarbons in Hungary" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
