A preliminary deal allowing Turkey to engage in oil and gas exploration work in Libya was already reviving and fueling domestic and regional tensions, analysts and industry sources said Oct. 10. Libya's oil sector has been severely impacted by ongoing political turmoil, with various groups seeking control of the state-owned National Oil Corp. and its revenue. Exploration focusIn the MoU, seen by S&P Global, the two parties agreed to work together on the "development of projects related to exploration, production, refining transportation distribution and trade of hydrocarbons". Ankara's gas exploration in the waters offshore Cyprus and plans to drill offshore Greece over the past few years have faced the wrath of Europe and other regional countries. Turkey and Greece have long been at odds over the division of maritime zones in the Mediterranean and the Aegean.

Source: Libya Today October 11, 2022 03:33 UTC