Libya: TotalEnergies Strengthens Its Presence and Implements Its Multi-energy Strategy
November 23 2021 - 2:50AM
Business Wire
Regulatory News:
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.
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.”
***
TotalEnergies in Libya TotalEnergies has been present in
Libya since 1954. In 2020, the Company’s production was 43,000
boe/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, 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 105,000 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.
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Marchés Financiers (AMF), and in the Form 20-F filed with the
United States Securities and Exchange Commission (SEC).
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