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 inked various agreements with the Libyan authorities on Nov. 23 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 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.
“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,” Patrick Pouyanné, chairman and CEO of TotalEnergies, said. “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 multienergy company that supports producing countries in their energy transition.”
Recommended Reading
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
Q&A: Where There’s a Williams, There’s a Way for Gas
2025-04-09 - Midstream giant Williams Cos. leads the natural gas bulls on the great infrastructure buildout, President and CEO Alan Armstrong tells Hart Energy.
Phillips 66 Urges Shareholders to Vote Against Elliott at Annual Meeting
2025-04-08 - Phillips 66’s board of directors is again pushing against one of its largest investors—Elliott Investment Management—with a letter to shareholders detailing how to vote against the investment company at its upcoming annual meeting.
NRG’s President of Consumer Rasesh Patel to Retire
2025-04-07 - NRG Energy anticipates naming a successor during the second quarter. Patel will remain in an advisory role during the transition.
PE Firm Andros Capital Partners Closes $1 Billion Energy Fund
2025-04-07 - Andros Capital Partners maintains a flexible investment mandate, allowing the firm to invest opportunistically across the capital structure in both public and private equity or debt securities.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.