Egypt: TotalEnergies and ConocoPhillips increase their interest in the Waha concessions

TotalEnergies completed the joint acquisition with ConocoPhillips of the 8.16% stake held by Hess in the concessions in Waha, Libya. As a result of this transaction, TotalEnergies' stake in these concessions is increased from 16.33% to 20.41%.

This acquisition reflects TotalEnergies' commitment to supporting the Libyan National Oil Corporation (NOC) in its efforts to restore and increase the country's oil production, as well as reducing gas flaring to increase the supply of power plants for additional electricity supply. TotalEnergies and the NOC are also exploring the development of dedicated solar projects to supply electricity to Waha's production sites.

In parallel, and in order to increase the country's supply of renewable electricity, TotalEnergies finalised with its partner Gecol the location and commercial terms for the launch of a 500 MWp solar power plant project south of Misrata.

"With nearly 70 years of presence in the country, TotalEnergies is firmly committed to working alongside the Libyan National Oil Corporation to develop the Waha fields, provide its expertise in reducing gas flaring and support the country in its energy transition with the development of solar energy projects.

Patrick Pouyanné, Chairman and CEO of TotalEnergies