REG-TotalEnergies SE Libya: TotalEnergies Strengthens Its Presence and Implements Its Multi-energy Strategy

TotalEnergies SEAnnouncement

23/11/2021 07:50

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Libya: TotalEnergies Strengthens Its Presence and Implements Its Multi-energy
Strategy

 

During the Libya Energy & Economy Summit, the first economic conference to
take place in Libya in 10 years, initiated by the Government of National
Unity, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) signed with the Libyan
authorities various agreements for the sustainable development of the
country’s natural resources.

These agreements aim to develop solar projects supplying 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 signed agreements 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 designed to
supply electricity to the national grid.

Additionally, 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’ interest in these concessions from 16.33% to 20.41%. During
the conference, TotalEnergies thus confirmed its willingness:

- to develop the production capacity of the Waha concessions, notably the 100
kbpd North Gialo project, representing a $2 billion investment,

- to invest in gas gathering projects to reduce flaring and supply power
plants in the region and using solar energy to power Waha’s industrial
facilities.

“These agreements reflect TotalEnergies’ willingness to strengthen its
investments in Libya’s energy sector. We aim to assist the country in
building a more sustainable future through a better use of the country’s
natural resources, including solar energy, which will directly improve the
accessibility of cleaner, more reliable and more affordable electricity to the
Libyan people,” said Patrick Pouyanné, Chairman & CEO of TotalEnergies.
“We are thus leveraging our leadership position in the region, where the
lowest-cost hydrocarbons are produced, to pursue our development in renewable
electricity. These agreements further illustrate the sustainable development
model of TotalEnergies, a global multi-energy company that supports producing
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 offshore Al Jurf
field (TotalEnergies, 37.5%), the El Sharara onshore area (TotalEnergies, 15%
on block ex-NC 115 and 12% on Block ex-NC 186) and the Waha fields
(TotalEnergies, 20.41%, after the joint acquisition of Hess interest).

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies on a global scale: oil and biofuels, natural gas and green gases,
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 puts
sustainable development in all its dimensions at the heart of its projects and
operations to contribute to the well-being of people.

TotalEnergies Contacts

Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +44 (0)207 719 7962 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

@TotalEnergies
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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
TotalEnergies SE has no liability for the acts or omissions of these entities.
This document may contain forward-looking information and statements that are
based on a 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 update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Registration Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des Marchés
Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).



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