Libya has signed a landmark 25-year oil deal with France’s TotalEnergies and US-based ConocoPhillips, worth over $20 billion in foreign investments. The agreement, announced by Prime Minister Abdul Hamid Dbeibah at the Libya Energy and Economy Summit in Tripoli, aims to boost the country’s oil production capacity by up to 850,000 barrels per day. This is expected to generate over $376 billion in net revenues.
The deal was signed through Waha Oil Company, a subsidiary of Libya’s state-run National Oil Corporation. According to Dbeibah, the agreement reflects the strengthening of Libya’s relations with its largest international partners in the global energy sector. The prime minister also revealed that Libya’s oil output reached its highest level in 12 years in 2025, climbing to 1.37 million barrels per day.
Bachir Brahim Bazzazi, the first adviser to the managing director of TotalEnergies’ Libyan subsidiary, expressed the company’s commitment to enhancing production, stating that they will focus on both green and brown fields to increase oil production. The government also signed a memorandum of understanding with US oil giant Chevron and a cooperation agreement with Egypt’s oil ministry.
Last year, Libya launched its first oil and natural gas exploration licensing round in 17 years, with results expected to be announced in February. This move is seen as a significant step towards increasing the country’s oil production and revenue. The new agreement with TotalEnergies and ConocoPhillips is expected to play a crucial role in achieving this goal.
The deal is a significant development for Libya’s energy sector, which has faced challenges in recent years. The country’s oil production has been affected by political instability and conflict, but the new agreement is seen as a positive step towards stability and growth. With the expected increase in oil production, Libya is poised to become a major player in the global energy market.
The Libyan government’s efforts to increase oil production and attract foreign investment are part of a broader strategy to revitalize the country’s economy. The agreement with TotalEnergies and ConocoPhillips is a significant milestone in this effort, and it is expected to have a positive impact on the country’s economy and energy sector.
Additional sources: Reuters, AA.
