TTE - Halliburton Honeywell poised to sign new energy deals in Libya - WSJ

2023-03-23 07:25:34 ET

Halliburton ( NYSE: HAL ) is expected to soon sign a $1B agreement with Libya's state-owned National Oil Corp. to rebuild the al-Dhara oil field in central Libya, and Honeywell ( NASDAQ: HON ) is set to unveil a $400M contract with NOC to design and build a refinery in southern Libya, NOC chairman Farhat Bengdara told The Wall Street Journal Thursday.

The al-Dhara field in central Libya was destroyed by Islamic State militants in 2015 and is now run by ConocoPhillips ( COP ) and TotalEnergies ( TTE ).

Libya is now seen as a "workable environment" for U.S. firms to operate with reasonable safety and more predictably invest than was possible a few years ago, the report said.

Western firms are ramping up their presence in the region as Europe increasingly turns to other sources for its energy needs after Russia cut off gas supplies last year.

Chevron ( CVX ) also is looking to seal an energy exploration deal in Algeria, WSJ reported last month .

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