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SUMMARY

The French major has raised its stake in the Waha concessions.

By Joseph Murphy

POSTED IN:

Africa Libya

TotalEnergies has signed a deal to help supply gas to power plants in Libya that would otherwise be flared at oilfields, as well as invest in solar energy in the north African country, the company said on November 23.

The French company will invest in projects to reduce gas flaring at oilfields, both to supply extra gas to power plants and also boost oil recovery, assisting Libya in its goal of expanding oil production to 2mn barrels/day. It also signed a memorandum of understanding with the General Electricity Company of Libya to develop 500 MW of photovoltaic power capacity.

TotalEnergies noted that Libya's council of ministers had approved its joint purchase with ConocoPhillips of a 8.2% interest in the Waha concessions from US producer Hess. The deal will raise TotalEnergies' ownership share from 16.3% to 20.4%. The company plans to expand the production capacity of the concessions, notably at the 100,000 barrel/day North Gialo project, representing an investment of $2bn.

“These agreements reflect TotalEnergies’ willingness to strengthen its investments in Libya’s energy sector," TotalEnergies CEO Patrick Pouyanne commented. "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."