TRIPOLI, Libya, January 15, 2024/ — Global energy companies including France’s TotalEnergies, Spain’s Repsol, Italy’s Eni and Switzerland’s BGN stated that they are committed to sustainable energy in Libya, highlighting the various ways they are prioritizing low-carbon solutions during the Libya Energy & Economic Summit (LEES) – taking place in Tripoli this week and organized by Energy Capital & Power . Speaking at the summit, the companies emphasized Libya’s untapped opportunities in renewable energy as well as efforts underway to reduce emissions in oil and gas operations.
As a relatively untapped renewable energy market, Libya offers lucrative opportunities for foreign companies, including oil and gas multinationals. Julien Pouget, Senior Vice President: Middle East and North Africa at TotalEnergies, explained that for the company, Libyan renewable energy is a priority. He stated that, “Libya is blessed with excellent oil and gas resources and the best solar in the world. During the 2021 summit, TotalEnergies signed an agreement with the Libyan Government to develop 500MW of solar. In partnership with the Renewable Energy Authority of Libya, the company is building a facility in Sadada, contributing to Libya’s clean energy goal to generate 20% of its electricity from renewable energy by the year 2035.
However, with oil and gas central to the Libyan economy, turning to focus to emissions reduction mechanisms is equally as important. Francisco Gea, Executive Managing Director: Exploration and Production at Repsol, emphasized Libya’s energy richness, stating, “It is the first country in which we have bet to continue exploration. We have help from the National Oil Corporation, and we should not forget that this country has been blessed by a number of resources. As a company, we have the obligation to provide energy to the people.”
In light of this importance, energy companies are making great strides to lower emissions in oil and gas in Libya. Luca Vignati, Eni’s Director: Upstream, stressed the importance of Libyan gas as a transitionary energy source, underscoring that gas is a clean, widely available resource in the country. He stated that, “We invest to develop the oil and gas sector, focusing on emissions reduction and gas re-injection. Increased gas production generates revenue for Libya and aids Europe’s long-term needs. Libya’s gas potential, both onshore and offshore, in domestic and international markets, is substantial.
Echoing these remarks, Murat Özgül, CEO of BGN, reiterated Libya’s potential for exploration: “In the short term, we have the opportunity to explore more, especially for gas. Together, through a partnership, we can reach our targets one by one, first with gas and secondly with solar.” Özgül envisioned a transformed Libya through collaboration, stating, “After this long time, we hope to see a lot of international companies investing here.”.
