TotalEnergies strengthens its presence and implements its multi-energy strategy
PARIS, November 23, 2021– (COMMERCIAL THREAD) – Regulatory news:
During the Libya Energy & Economy Summit, the first economic conference to take place in Libya for 10 years, initiated by the Government of National Unity, TotalEnergies (Paris: TTE) (LSE: TTE) (NYSE: TTE) signed with the authorities Libyan various agreements for the sustainable development of the country’s natural resources.
These agreements aim to develop solar projects providing electricity to the Libyan people and to invest in projects reducing gas flaring in oil fields in order to supply gas to power plants as well as to contribute to the national goal of restoring the country’s oil production to 2 million barrels per day and supplying world markets.
Among the agreements signed is a memorandum of understanding between TotalEnergies and the General Electricity Company of Libya for the development of solar photovoltaic projects with a total capacity of 500 MW intended to supply electricity to the national grid.
In addition, the Council of Ministers of the Government of National Unity approved the joint acquisition by TotalEnergies and ConocoPhillips of the 8.16% interest held by Hess in the Waha concessions, which will increase TotalEnergies’ participation in these concessions. from 16.33% to 20.41%. During the conference, TotalEnergies thus confirmed its will:
– develop the production capacity of the Waha concessions, in particular the 100 kb / d North Gialo project, representing an investment of $ 2 billion,
– invest in gas collection projects to reduce flaring and power the region’s power plants and use solar energy to power Waha’s industrial facilities.
“These agreements reflect TotalEnergies’ desire to strengthen its investments in the Libyan energy sector. Our goal is to help the country build a more sustainable future through better use of the country’s natural resources, including solar energy, which will directly improve, more reliable and affordable electricity for the Libyan people “, said Patrick Pouyanné, Chairman and CEO of TotalEnergies. “We are thus capitalizing on our leadership position in the region, where the cheapest hydrocarbons are produced, to continue our development in renewable electricity. These agreements further illustrate the sustainable development model of TotalEnergies, a global multi-energy company that supports producer countries in their energy transition.
TotalEnergies in Libya
TotalEnergies has been present in Libya since 1954. In 2020, the Company’s production was 43,000 boe / d. This production comes from the Al Jurf offshore field (TotalEnergies, 37.5%), from the onshore area of El Sharara (TotalEnergies, 15% on the ex-NC 115 block and 12% on the ex-NC 186 block) and the Waha fields (TotalEnergies, 20.41%, after the joint acquisition of the stake in Hess).
TotalEnergies is a global multi-energy company that produces and markets energy on a global scale: oil and biofuels, natural gas and green gas, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies places sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities which are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “our” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly holds a stake are separate legal entities. TotalEnergies SE is not responsible for the acts or omissions of these entities. This document may contain forward-looking information and statements based on a certain number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to publicly update any forward-looking information or statements, objectives or trends contained in this document, whether as a result of new information, future events or otherwise. Information concerning risk factors likely to affect TotalEnergies’ financial results or activities is provided in the latest Registration Document, the French version of which is filed by TotalEnergies SE with the Autorité des Marchés Financiers (AMF) , and in Form 20-F filed with the United States Securities and Exchange Commission (SEC).
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