Italian major Eni has entered into a memorandum of understanding (MOU) with the Libyan government to collaborate on reducing greenhouse gas emissions and promoting sustainable energy initiatives in the country. The MOU aligns with Eni’s strategic objectives and Libya’s vision for accelerating decarbonization and transitioning to cleaner energy sources.
Under the terms of the MOU, Eni will focus on several key areas to minimize CO2 emissions. This includes efforts to reduce routine gas flaring, fugitive emissions, and venting. Eni will also explore potential projects targeting hard-to-abate sector emissions. Additionally, the company will evaluate opportunities for developing renewable energy solutions and promoting electricity efficiency within the country.
Another significant aspect of the collaboration involves the identification and utilization of additional gas resources from existing fields. Eni aims to integrate these resources into an integrated project that serves the domestic market and potentially supports gas exports.
Eni has a long-standing presence in Libya, operating in the country since 1959. The company currently holds an 80% share of national gas production, amounting to 1.6 billion standard cubic feet per day (bscfd) in 2022. Through its joint venture Mellitah Oil and Gas BV (Eni 50%, NOC 50%), Eni manages a diverse portfolio of assets encompassing exploration, production, and development. In 2022, Eni’s equity production in Libya reached 165,000 barrels of oil equivalent per day.
The collaboration between Eni and Libya demonstrates a shared commitment to advancing sustainability goals, reducing emissions, and fostering the development of renewable energy sources. This strategic partnership holds the potential to contribute significantly to Libya’s decarbonization and energy transition journey while leveraging Eni’s extensive expertise in the energy sector.