In a bid to expand its footprint in Libya while helping the country to increase oil and gas production, TotalEnergies has expanded its stake in the Waha Concessions.
TotalEnergies, in partnership with ConocoPhillips, has completed the acquisition of an 8.16% stake held by Hess in the Waha project, increasing its interest in the concession from 16.33% to 20.41%.
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Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, said the acquisition is part of efforts by the major to “working alongside Libya’s National Oil Corporation (NOC) 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.”
TotalEnergies claims the deal will enable the firm to help the NOC enhance the country’s electricity supply using oil and gas produced from the fields. The major and the NOC will co-develop a solar power generation system to enhance the environmental sustainability of the Waha projects whilst a separate 500 MWp solar system will be developed South of Misrata to enhance Libya’s renewables portfolio.