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🛒 تسوق الآنLibya Signs Historic $20 Billion Oil Deal with TotalEnergies and ConocoPhillips
Libya Signs Historic $20 Billion Oil Deal with TotalEnergies and ConocoPhillips
Libya has signed a landmark 25-year oil development agreement with France's TotalEnergies and U.S.-based ConocoPhillips, marking one of the largest foreign investments in the North African nation's energy sector. The deal, signed during the Libya Energy and Economy Summit in Tripoli, involves more than $20 billion in foreign-financed investment and aims to dramatically boost the country's oil production capacity.
A Transformative Agreement for Libya's Energy Future
The agreement was signed through Waha Oil Company, a subsidiary of Libya's state-run National Oil Corporation (NOC). According to Prime Minister Abdul Hamid Dbeibah, the deal is expected to boost production capacity by up to 850,000 barrels per day (bpd) and generate net revenues exceeding $376 billion over the life of the contract.
"This agreement reflects the strengthening of Libya's relations with its largest and most influential international partners in the global energy sector," Dbeibah stated in a post on X. 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.
New Fiscal Terms and the North Gialo Field
The agreement sets new fiscal terms that will enable increased production from the Waha concessions, which currently produce around 370,000 barrels of oil equivalent per day. The deal paves the way for a new phase of investments, including the development of the North Gialo field, which is expected to add 100,000 barrels of oil equivalent per day of additional production.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, emphasized the company's long-standing commitment to Libya. "As we celebrate 70 years of presence in Libya, we are pleased to sign this agreement. Extending the Waha concession, with its low cost and low emission giant resources offering many opportunities to grow production, fits perfectly with our strategy," Pouyanné said.
TotalEnergies' Deep Roots in Libya
TotalEnergies has been present in Libya since 1956, making it one of the longest-operating international energy companies in the country. In 2025, the company's Libyan production averaged 113,000 barrels of oil equivalent per day from multiple assets, including the offshore Al Jurf field, the onshore El Sharara and Mabruk areas, and the Waha concessions.
The Waha concessions are held by NOC (59.16%), TotalEnergies (20.42%), and ConocoPhillips (20.42%), and are operated by Waha Oil Company, which is 100% owned by NOC. The concessions operate five main oil and gas fields along with several producing subfields, connected by pipeline networks that transport crude to the Sidra oil terminal.
Broader Energy Partnerships
The summit also saw Libya sign a memorandum of understanding with U.S. oil giant Chevron and a cooperation agreement with Egypt's oil ministry. These agreements signal Libya's broader strategy to attract international investment and strengthen regional energy partnerships.
Additionally, Libya launched its first oil and natural gas exploration licensing round in 17 years in 2025, with results expected to be announced soon. The government has been working to create a more attractive environment for foreign investors in the energy sector.
Overcoming a Decade of Instability
Libya is one of Africa's biggest oil producers, but its output has been disrupted repeatedly over the past decade. Since 2014, when the country split between rival authorities in the east and west following the uprising that toppled Muammar Gaddafi, production has faced frequent interruptions due to political instability and infrastructure challenges.
The new deal represents a significant step toward stabilizing and growing Libya's oil sector. Bachir Brahim Bazzazi, the first adviser to the managing director of TotalEnergies' Libyan subsidiary, expressed optimism: "We will do our best to bring in the green fields and then also to focus on the brown fields as part of the production enhancement, and hopefully by getting both going simultaneously, we'll be able to increase the oil production."
The $20 billion investment is expected to bring advanced technology, infrastructure upgrades, and operational expertise to Libya's oil fields, positioning the country to compete more effectively in the global energy market while generating substantial revenue for national development.
