Shell is weighing returning to Libya and plans to develop oil, gas, and solar power projects in the North African country, Reuters reported, citing sources familiar with the matter. The Anglo-Dutch company left Libya’s energy sector in 2012 amid unrest following the deposing of Muammar Gaddafi. The plan seems to be a rare new oil & gas foray by Shell as it seeks to slash fossil fuel investment and cut carbon footprint.
Shell’s plan includes exploring new oil and gas fields in several blocks in the offshore Cyrenaica basin and onshore Sirte and Ghadames basins. Shell also proposed developing new fields, including in the Ain Jarbi block and redeveloping ageing fields such as block NC-174 in the Murzuq basin. In addition, the plan includes developing a solar energy project south of the Sirte Basin. Shell’s plans include capturing Libya’s associated gas which is currently released into the air or flared. It also intends to build oil storage terminals in the Mediterranean ports of Es Sider and Ras Lanuf.
According to the sources, Shell had discussed the plan with the state-owned National Oil Corporation (NOC). In August, NOC said that it was discussing with Shell about potential oil, gas, and renewable projects but did not give further details. The sources expected that Shell’s board could approve the plan to return to Libya within the next few months.
