Total, Eni to invest in Libya’s energy sector

France’s Total and Italy’s Eni are ready to invest billions of dollars in Libya’s energy sector, Report informs referring to Bloomberg.

“I want to contribute to Libya’s comeback,” TotalEnergies’ Chief Executive Officer Patrick Pouyanne said on November 22 at an energy conference in the capital, Tripoli. “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.”

The Paris-based firm will put $2 billion into Libya’s Waha oil project, which will boost production by around 100,000 barrels a day, he said.

It will also work to raise output at the Mabruk field and help build 500 megawatts of solar power to feed the local grid. Libya will be a vital source of supply for global petroleum markets over the next decade, Pouyanne said.