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.
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