Libya Energy & Economic Summit 2021 was inaugurated in Tripoli on Monday, with regional and global industry players coming together for two days of networking and dialogue.
Organized by Energy Capital & Power, the summit represents the first international energy event in Tripoli in almost a decade, as the North African producer seeks to revive its oil and gas industry and boost oil output on the back of more stable conditions in the country.
The event was officially opened with keynote addresses by the Deputy Prime Minister of Libya, Ramadan Boujnah, and the Minister of Oil and Gas of Libya, Mohamed Oun, both of whom emphasized the role and value of the event in transforming Libya’s energy sector.
In the first day of the summit, TotalEnergies signed two separate agreements with the Government of National Unity and the General Electricity Company of Libya (GECOL).
In the first agreement with the Government of National Unity, TotalEnergies will work for the development of solar projects in the country, while the second agreement with the GECOL aims to ensure the development of 500MW of solar power in Libya, and is designed to supply electricity to the national grid.
“Libya has the potential to be a key contributor to the international oil balance over the next decade,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies, noting the country’s untapped oil potential that has yet to be discovered through exploration.