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International Energy Giants Vie for Renewable Investments in Libya

January 17, 2024
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An economic report published by the news website, Zawya has highlighted the key positions of global companies at the Libya Energy and Economy Summit.

The report detailed the commitments of companies including France’s “TotalEnergies,” Spain’s “Repsol,” Italy’s “Eni,” and Switzerland’s “BGN,” all focusing on sustainable energy solutions, and prioritizing low-carbon initiatives in Libya.

The report highlighted the untapped opportunities in Libya’s renewable energy sector, and the efforts to reduce emissions in oil and gas operations. Libya, being a relatively unexploited market, offers profitable opportunities for foreign companies.

A senior official from TotalEnergies was quoted saying, “Libyan renewable energy is a priority for our company, as Libya boasts excellent resources of oil, gas, and some of the world’s best solar energies.”

Repsol’s General Manager of Exploration and Production, Francisco Gia commented that “Libya is rich in energy resources. It was the first country where we continued exploration, and we have support from the National Oil Corporation (NOC). Our company is committed to providing energy for people.”

Luca Vignati, Director of Exploration and Production at Eni, shared his perspective: “Libyan gas is a crucial transitional energy source. It’s a clean and widely available resource in the country. We are investing in developing the oil and gas sector, with a focus on reducing emissions and gas reinjection. Increasing gas production generates revenue for Libya and helps meet Europe’s long-term needs, given Libya’s vast gas potential on land, at sea, and in local and international markets.”

BGN’s CEO, Murad Ozgul stated, “In the short term, we have the opportunity to explore more, particularly in gas. Through partnerships, we can achieve our gas objectives and those related to solar energy, and we might see many global companies investing here after this long period.”

Tags: BGNEnergyEnilibyaRepsolTotalEnergies
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