Libya’s NOC Wants to Strengthen Collaboration with Eni, TotalEnergies
- August 26, 2022
- Posted by: Quatro Strategies
- Category: Energy
The Chairman of NOC, Libya’s state owned oil company, visited CEOs of Eni and TotalEnergies on Wednesday and Thursday to strengthen cooperation and launch new investments to increase the North African nation’s gas production. The meetings also included discussions on renewable projects in Libya.
Italy’s state controlled fossil fuel major Eni has been working with the government to secure more deals with alternative suppliers following uncertainty over Russian supplies.
Eni CEO Descalzi said his company welcomes the NOC’s plan to increase output to 2 million barrels of oil per day (bpd) and “reaffirmed Eni’s support to reach this target for the mutual benefit of the parties.”
Eni has been present in Libya since 1959 and is in a joint venture with the state company NOC. The company is the leading international hydrocarbon producer in the North African country.
Libya is producing 1.223 million bpd of oil but has the goal of reaching 2 million bpd within three to five years.
NOC Chairman Bengdara also visited TotalEnergies CEO Pouyanné on August 25. The two sides discussed the French company’s various plans in Libya, in particular the strategic agreements signed in November 2021.
Pouyanné gave assurances of Total’s full commitment to Libya. The executive, according to NOC, said he wanted to launch new investments to increase Libya’s oil and gas production, as well as build a more sustainable future in the country.
Bengdara talked to both Eni and TotalEnergies about renewable energy projects in Libya.
Pouyanné noted Libya’s potential for solar energy, which he said can help increase access to clean, reliable and affordable electricity.
“We discussed TotalEnergies’ multi-energy strategy in Libya, and our will to increase oil and gas production, to bring more energy to global markets and the EU as well as solar power,” Pouyanné said.
Subscribe to Top Insights Today
The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights
Join the ranks of global executives and subscribe to Top Insights Today
Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business
Read more insights
Yamal-Europe’s Reverse Flow Has Entered Its Tenth Week
Despite Putin’s pledge that Russia would continue to supply gas to global markets uninterrupted as conflict in Ukraine continues to escalate, flows through the Yamal-Europe pipeline was in reverse mode on Tuesday. The pipeline normally accounts for 15% of Russia’s westbound gas supplies, but has been operating in reverse since December.
Vietnam Aims to Become Key Player in Rare Earths Supply Chain
Vietnam is targeting to become a key player in the global supply chain for rare earth minerals, as the world tries to diversify supplies away from China. Demand for rare earths is growing for a range of applications and concerns mount over geopolitical concerns, which drive efforts for a wider supply base. Vietnam has the world’s second largest rare earths reserves with 22 million tons, behind China’s 44 million tons. Although North Korea is believed to have the world’s largest deposits, the country’s political situation and sanctions are preventing the resources to be explored and developed for the global supply chain.
Nigeria, Niger, Algeria Set to Revive Trans-Saharan Gas Pipeline Project
Nigeria, Niger and Algeria signed a memorandum of understanding (MoU) to build a natural gas pipeline that would go through the Sahara Desert, Algeria’s Energy Minister Arkab announced on Thursday. The three countries have already agreed in June to resume plans on the decades old project, which presents an opportunity for Europe to diversify its natural gas supplies away from Russia.