TotalEnergies and ConocoPhillips increase stake in Libyan field and aim to develop new sustainability projects

Libya’s government of National Unity has approved the joint acquisition by TotalEnergies and ConocoPhillips of the 8.16% interest held by Hess in the Waha concenssions, which will increase TotalEnergies’ interest from 16.33% to 20.41%.

The oil companies have expressed an interest in developing production from the Waha concessions, including the 100,000 b/d North Gialo project, representing a $2bn investment. They also aim to invest in gas gathering projects to reduce flaring and to supply power plants in the region, as well as using solar power to power Waha’s industrial facilities.

In addition, TotalEnergies and the General Electricity Company of Libya have signed a memorandum of understanding for the development of solar photovoltaic projects with a total capacity of 500 MW to supply electricity to the Libyan national grid.

‘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. [While also] 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,’ said Patrick Pouyanné, Chairman and CEO of TotalEnergies during the Libya Energy and Economy Summit.