(Boursier.com) — TotalEnergies completed the joint acquisition with ConocoPhillips of the 8.16% stake held by Hess in the concessions of Waha, in Libya. Following this transaction, TotalEnergies’ stake in these concessions is increased from 16.33% to 20.41%.
This acquisition reflects TotalEnergies’ commitment to support the Libyan national oil company (National Oil Corporation, NOC) in its efforts to restore and increase the country’s oil production, while reducing gas flaring in order to supply more power plants and thus provide more electricity. TotalEnergies and the NOC are also studying the development of solar projects dedicated to supplying electricity to the Waha production sites.
At the same time, and in order to increase the country’s supply of renewable electricity, TotalEnergies has finalized the location and commercial conditions with its partner Gecol with a view to launching a 500 MWp solar farm project south of Misrata.
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