French energy giant TotalEnergies has won new contracts in Libya that include the development of a 500MW solar PV project, although it will also see the company pour US$2 billion into crude oil production and invest in gas extraction.
Among the signed agreements is a Memorandum of Understanding (MoU) between TotalEnergies and the General Electricity Company of Libya for the development a 500MW solar park that will supply electricity to the national grid.
The solar park deal was dwarfed by TotalEnergies’ additional investments in oil and gas announced at the same event.
TotalEnergies said the Libyan government has approved the joint acquisition of the 8.16% interest held by the oil company Hess in the country’s Waha concessions by TotalEnergies and fossil fuel company ConocoPhillips, increasing TotalEnergies’ stake in the concessions to 20.41%.
During the Libya Energy & Economy Summit, TotalEnergies agreed to develop the production capacity of the Waha concessions via a US$2 billion investment, including in the 100kbpd North Gialo project.
Moreover, it said it would invest in gas gathering projects in the region.
“We are thus leveraging our leadership position in the region, where the lowest-cost hydrocarbons are produced, to pursue our development in renewable electricity,” said TotalEnergies chairman and CEO Patrick Pouyanné.