By Sibel Morrow and Firdevs Yuksel
TRIPOLI, Libya (AA) - Major global energy corporations, including French TotalEnergies, Spain’s Repsol and Italy's Eni declared their commitment Saturday to fostering sustainable energy development in Libya.
The commitments were showcased at the Libya Energy & Economic Summit, where discussions centered on Libya's untapped renewable energy potential and strategies for lowering carbon emissions within existing oil and gas ventures.
The country marked last year with major agreements and initiatives in oil, gas and renewable energy as part of efforts to transform its energy sector.
Senior Vice President of Middle East and North Africa, Exploration and Production at TotalEnergies, Julien Pouget, said the company is prioritizing the move toward Libyan renewable energy resources.
"Libya has unparalleled oil, gas, and solar resources," noted Pouget.
He recounted TotalEnergies' pledge, signed at the 2021 summit, to help Libya attain its renewable energy ambitions, including a solar project that contributes to Libya's target of sourcing 20% of its electricity from renewables by 2035.
The government and TotalEnergies signed a deal in October 2022 to develop 500 megawatts of solar PV projects, a significant move toward harnessing Libya's vast solar potential.
Francisco Gea, executive managing director for exploration and production at Repsol, spoke about Libya's rich resource reserves, confirming ongoing exploration support from the National Oil Corporation.
The company, which has been conducting oil operations in Libya, plans to begin exploratory drilling in the Murzuq Basin in early April.
"This country has been bestowed with abundant resources," he said, signaling confidence in the nation's energy potential.
Eni's commitment to Libya's energy future was underlined by Luca Vignati, the company’s upstream director.
He emphasized the significance of Libyan natural gas as a transitional fuel and noted Eni's investment in emission-reducing practices and gas re-injection techniques.
In January, Eni and NOC partnered in a landmark $8 billion deal to boost Libya’s gas production to enhance domestic supply and exports to EU countries. The project, set to commence in 2026, is poised to significantly elevate Libya's gas output.
In a strategic move to bolster international energy cooperation, Libya is organizing a second annual Libya Energy and Economy Summit in the capital of Tripoli under the theme: A New Libya: Built on Energy.
Organized by Energy Capital & Power (ECP) in collaboration with Libya’s Prime Ministry, Oil and Gas Ministry, NOC and the Renewable Energy Authority of Libya, the summit is a focal point for evaluating investment opportunities in the country.