Oil firms ignore Nigeria, pump fresh dollars into Libya

Nigeria is struggling to attract investment into its energy sector, while Libya, a country that recently emerged from a decade of conflict, is getting serious attention from some of the biggest international oil companies to assist in the gradual revival of its energy space.

France’s TotalEnergies SE and Italy’s Eni SpA are making plans to invest $2 billion into Libya’s Waha oil project, which will boost its production by about 100,000 barrels a day.

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The fresh investment is also expected to raise output at Libya’s Mabruk field and help build 500 megawatts of solar power to feed the local grid.

“I want to contribute to Libya’s comeback,” Patrick Pouyanne, TotalEnergies’ CEO, said at this week Libya’s Energy & Economic Summit 2021, the country’s first prominent energy forum in over 10 years.

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