TotalEnergies raises stake in Waha concessions
TotalEnergies and ConocoPhillips have reached a deal to acquire US producer Hess' interest in the Waha oil concessions in Libya, the French major reported on November 23.
The two companies will jointly buy Hess' 8.16% interest in the concessions, in which they already hold stakes of 16.33% each. TotalEnergies said it would work on expanding their production capacity, notably through a $2bn investment at the 100,000 barrel/day North Gialo project.
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The French company also said it would invest in gas gathering projects at the assets, in order to supply more gas to Libyan power plants that would otherwise be flared. The gas can also be used to boost oil recovery through re-injection.
In addition, TotalEnergies said it had signed a memorandum of understanding with the General Electricity Company of Libya to develop 500 MW of solar power capacity in the north African country.
“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."