Italian oil company Eni signed a memorandum of understanding on Wedesnday with Libya with the aim of “studying and identifying opportunities to reduce greenhouse gas emissions and develop sustainable energy in the country, in line with Eni’s strategy and with the Libyan government’s objectives to accelerate decarbonisation and energy transition processes,” according to a press release by Eni.
The signing took place as part of the visit of the Prime Minister of the Libyan Government of Libyan National Unity Abdul Hamid Dbeibeh, to Italy.
Under the terms of the memorandum, Eni said it will work on reducing CO2 emissions through the reduction of routine gas flaring, fugitive emissions and venting, as well as possible projects for the reduction of hard-to-abate sector emissions.
“In addition, new solutions for the development of renewable energy and initiatives for electricity efficiency in the country will be evaluated,” as per Eli’s statement.
“Finally, the company will work on the identification of additional gas resources from existing fields, to be developed as part of an integrated project for the domestic market and potentially for export.”
Eni is the main international gas producer in Libya, with an 80% share of national production (1.6 bscfd in 2022). The company has been operating in Libya since 1959 and currently has a large portfolio of assets in exploration, production and development.