TotalEnergies has signed various agreements for the sustainable development of Libya’s natural resources.
TotalEnergies has signed various agreements for the sustainable development of Libya’s natural resources.
The agreements will develop solar projects supplying electricity to the Libyan people and invest in projects reducing gas flaring in oil fields in order to supply gas to power plants as well as to restore the country’s oil production to 2 million barrels per day and supplying world markets.
Among the signed agreements is an agreement 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%.
TotalEnergies has confirmed its willingness to develop the production capacity of the Waha concessions, notably the 100 kbpd North Gialo project, representing a $2 billion investment and 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.
