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Libya signed a 25-year oil development agreement on Saturday with France’s TotalEnergies and U.S.-based ConocoPhillips involving more than $20 billion in foreign-financed investment, Prime Minister Abdulhamid al-Dbeibah said.
Signed through Waha Oil Company, the deal is aimed at boosting production capacity by up to 850,000 barrels per day and is expected to generate net revenues of more than $376 billion, Dbeibah said in a post on X. A Waha source said the company’s daily output typically ranges between 340,000 and 400,000 bpd under normal operations.
Waha, a subsidiary of Libya’s state-run National Oil Corporation, operates five main oil and gas fields and several producing subfields, linked by pipelines transporting crude to the Sidra oil terminal and gas to processing facilities.
On the sidelines of the Libya Energy and Economy Summit in Tripoli, the government also signed a memorandum of understanding with U.S. major Chevron and a cooperation agreement with Egypt’s oil ministry, which Dbeibah said reflected stronger ties with influential international energy partners.
Separately, NOC acting chairman Masoud Suleman said at the summit that results of Libya’s first oil exploration bidding round in more than 17 years would be announced on Feb. 11.
Libya is one of Africa’s biggest oil producers and a member of OPEC, but foreign investors have long been cautious due to instability since the 2011 overthrow of Muammar Gaddafi and recurrent oilfield shutdowns linked to disputes among armed factions over oil revenues.
