Eni to work on energy transition in Libya
SUMMARY
The MoU signed with Libya outlines Eni's commitment to reducing CO2 emissions by targeting the reduction of routine gas flaring, fugitive emissions, and venting.
By Shardul SharmaPOSTED IN:
Italy's Eni has signed a memorandum of understanding (MoU) with Libya to collaborate on reducing greenhouse gas (GHG) emissions and developing sustainable energy in the country, the company said on June 7.
The MoU aligns with Eni's strategic objectives and the Libyan government's goals of accelerating decarbonisation and energy transition processes. The signing occurred during the visit of Libyan prime minister, Abulhamid Dabaiba, to Italy.
The agreement outlines Eni's commitment to reducing CO2 emissions by targeting the reduction of routine gas flaring, fugitive emissions, and venting. Eni will also explore projects aimed at reducing emissions in hard-to-abate sectors.
Additionally, the company will evaluate opportunities for the development of renewable energy solutions and initiatives to improve electricity efficiency in Libya. Furthermore, Eni will work towards identifying additional gas resources from existing fields for integration into an integrated project for the domestic market and potential export.
Eni holds a significant position in Libya's gas production, accounting for 80% of national production in 2022, which amounted to 1.6bn ft3/day. The company has been operating in Libya since 1959 and currently maintains a portfolio of assets in exploration, production, and development.
Its production activities are conducted through the joint venture Mellitah Oil and Gas, in which Eni holds a 50% stake while the National Oil Corporation (NOC) holds the remaining 50%.
