Libya will be a vital source of supply for global petroleum markets over the next decade, the Chief Executive Officer of Total Energies, Patrick Pouyanne, said on Monday at an energy conference in Tripoli.
France’s TotalEnergies and Italy’s Eni expressed their readiness to invest billions of dollars in Libya as the country seems to be heading towards stability after a decade of conflict.
Pouyanne expressed his desire to contribute to Libya’s comeback. "Some may see more boldness than wisdom in TotalEnergies’ decision to partner with Libya. I don’t. Where they see risks, I see the opportunities.”
According to Pouyanne, TotalEnergies will put $2 billion into Libya’s Waha oil project in order to boost production by around 100,000 barrels a day. It will also work to raise output at the Mabruk field and help build 500 megawatts of solar power to feed the local grid.
A ceasefire agreement signed in October of last year has led to more stability in the OPEC nation enabling the oil industry to restore production levels progressively.