Libya: TotalEnergies Increases its Interest in the Waha Concessions
November 15 2022 - 8:23AM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has completed the
joint acquisition with ConocoPhillips of the 8.16% interest held by
Hess in the Waha concessions, in Libya. As a result of this
transaction, TotalEnergies’ interest in these concessions is
increased from 16.33% to 20.41%.
This acquisition reflects TotalEnergies’ commitment to support
Libya’s National Oil Corporation (NOC) in its efforts to restore
and increase the country’s oil production, together with reducing
gas flaring to increase supply to power plants for additional
electricity supply. TotalEnergies and the NOC are also studying the
development of dedicated solar projects to supply electricity to
Waha production sites.
In parallel, and in order to increase the country’s renewable
electricity supply, TotalEnergies has finalized with its partner
Gecol the location and commercial terms to launch a 500 MWp solar
plant project South of Misrata.
“With nearly 70 years of presence in the country, TotalEnergies
is firmly committed to working alongside Libya’s National Oil
Corporation to develop the Waha fields, provide its expertise in
reducing gas flaring and support the country in its energy
transition with the development of solar energy projects,” said
Patrick Pouyanné, Chairman and Chief Executive Officer of
TotalEnergies.
***
TotalEnergies in Libya TotalEnergies has been present in
Libya since 1954. In 2020, the Company’s production was
84,000boe/d. This production comes from the offshore Al Jurf field
(TotalEnergies, 37.5%), the El Sharara onshore area (TotalEnergies,
15% on block ex-NC 115 and 12% on Block ex-NC 186) and the Waha
fields (TotalEnergies, 16.33%, 20.41%, after the joint acquisition
of Hess interest).
About TotalEnergies TotalEnergies is a global
multi-energy company that produces and markets energies on a global
scale: oil and biofuels, natural gas and green gases, renewables
and electricity. Our more than 100,000 employees are committed to
energy that is ever more affordable, cleaner, more reliable and
accessible to as many people as possible. Active in more than 130
countries, TotalEnergies puts sustainable development in all its
dimensions at the heart of its projects and operations to
contribute to the well-being of people.
@TotalEnergies TotalEnergies TotalEnergies
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