Libya TotalEnergies Strengthens Its Presence and Implements Its Multi-energy Strategy
During the Libya Energy & Economy Summit, the first economic conference to take place in Libya in 10 years, initiated by the Government of National Unity, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) signed with the Libyan authorities various agreements for the sustainable development of the country’s natural resources.
These agreements aim to develop solar projects supplying electricity to the Libyan people and to invest in projects reducing gas flaring in oil fields in order to supply gas to power plants as well as to contribute to the national goal of restoring the country’s oil production to 2 million barrels per day and supplying world markets.
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Among the signed agreements is a Memorandum of Understanding between TotalEnergies and the General Electricity Company of Libya for the development of solar photovoltaic projects with a total capacity of 500 MW designed to supply electricity to the national grid.
Additionally, the Council of Ministers of the Government of National Unity approved the joint acquisition by TotalEnergies and ConocoPhillips of the 8.16% interest held by Hess in the Waha concessions, which will increase TotalEnergies’ interest in these concessions from 16.33% to 20.41%. During the conference, TotalEnergies thus confirmed its willingness:
- to develop the production capacity of the Waha concessions, notably the 100 kbpd North Gialo project, representing a $2 billion investment,
- to invest in gas gathering projects to reduce flaring and supply power plants in the region and using solar energy to power Waha’s industrial facilities.
“These agreements reflect TotalEnergies’ willingness to strengthen its investments in Libya’s energy sector. We aim to assist the country in building a more sustainable future through a better use of the country’s natural resources, including solar energy, which will directly improve the accessibility of cleaner, more reliable and more affordable electricity to the Libyan people,” said Patrick Pouyanné, Chairman & CEO of TotalEnergies. “We are thus leveraging our leadership position in the region, where the lowest-cost hydrocarbons are produced, to pursue our development in renewable electricity. These agreements further illustrate the sustainable development model of TotalEnergies, a global multi-energy company that supports producing countries in their energy transition.”