TotalEnergies Increases Interest in Libya Oil

TotalEnergies Increases Interest in Libya Oil

TotalEnergies has completed the joint acquisition with ConocoPhillips of the 8.16% interest held by Hess in the Waha concessions, in Libya, the company said in a statement today.

As a result of this transaction, TotalEnergies’ said its interest in these concessions has been increased from 16.33% to 20.41%.

The company said the acquisition reflects TotalEnergies’ commitment to supporting 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. 

It noted that TotalEnergies and the NOC are also studying the development of dedicated solar projects to supply electricity to Waha production sites. READ: TotalEnergies Moves to Sell Stake in SPDC

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 Increases Interest in Libya Oil

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