Libya Signs Oil Deals with Majors

Libya has signed a long-term oil development agreement with France’s TotalEnergies and the US-based ConocoPhillips, committing to more than $20 billion in foreign investment over 25 years.

The Prime Minister Abdulhamid al-Dbeibah announced on Saturday that the deal, executed through Waha Oil Company, is expected to significantly raise the country’s production capacity, potentially adding up to 850,000 barrels per day. 

He said the project could generate net revenues exceeding $376 billion over its lifespan.

Waha Oil Company, a subsidiary of Libya’s state-owned National Oil Corporation (NOC), currently produces between 340,000 and 400,000 barrels per day under normal operating conditions.

The company manages five major oil and gas fields and several smaller producing fields, linked by pipelines that carry 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 US energy giant Chevron, alongside a cooperation agreement with Egypt’s Ministry of Petroleum.

Al-Dbeibah said the agreements signal deepening ties between Libya and key international players in the global energy industry.

Libya, a member of the Organisation of the Petroleum Exporting Countries (OPEC) and one of Africa’s leading oil producers, has struggled to attract foreign investment since the 2011 overthrow of Muammar Gaddafi.

Persistent political instability and clashes between rival armed groups over oil revenues have frequently disrupted production and exports.