Libya is set to sign a 25-year oil development agreement on Saturday with France’s TotalEnergies and U.S.-based ConocoPhillips, Prime Minister Abdulhamid al-Dbeibah announced, marking more than $20 billion in foreign-backed investment. The deal, facilitated through Waha Oil Company, is designed to increase production capacity by as much as 850,000 barrels per day and is expected to generate net revenues exceeding $376 billion, Dbeibah said in a post on X.
Under normal operations, Waha’s daily output ranges between 340,000 and 400,000 barrels per day, according to a company source. Waha, a subsidiary of Libya’s state-run National Oil Corporation, manages five primary oil and gas fields along with multiple producing subfields, with pipelines transporting crude to the Sidra oil terminal and gas to processing facilities.
Dbeibah also announced that Libya will sign a memorandum of understanding with U.S. oil major Chevron and a cooperation agreement with Egypt’s oil ministry during the Libya Energy and Economy Summit in Tripoli. He described the agreements as a sign of “strengthening Libya’s relations with its largest and most influential international partners in the global energy sector.”
Libya is among Africa’s top oil producers, but output has faced repeated disruptions since 2014, when the country split between rival eastern and western authorities following the uprising that toppled Muammar Gaddafi.
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