TotalEnergies to spend $2 billion in Libya
TRIPOLI, November 23, 2021 – TotalEnergies has signed a series of agreements to develop hydrocarbons and renewables projects in Libya, with a planned investment totalling billions of dollars.
Under the agreements signed with the Libyan government this week at the Libya Energy & Economy Summit, the global energy giant will develop the production capacity of the 100,000-bpd North Gialo project and carry out related projects in the Waha concessions, investing USD 2 billion.
Alongside this plan, the company will invest in gas gathering projects to reduce flaring and supply power plants in the region, as well as develop solar energy to power industrial facilities at the concessions.
TotalEnergies struck an initial deal to participate alongside Libya’s National Oil Corporation in the Waha concessions in December 2019. As of that time, production from the concessions was around 350,000 boepd.