Libya makes a sign 25-year oil agreement between ConocoPhillips and TotalEnergies
Libya entered into a 25-year oil development agreement on Saturday with France’s TotalEnergies and U.S.-based ConocoPhillips, which entails over $20 billion in foreign-financed investment, according to Prime Minister Abdulhamid al-Dbeibah.
According to Dbeibah’s post on X, the agreement with Waha Oil Company is designed to enhance production capacity by as much as 850,000 barrels per day (bpd) and is projected to yield net revenues exceeding $376 billion.
A Waha source indicated that the company’s daily output generally falls between 340,000 and 400,000 bpd during standard operations.
Waha, a subsidiary of Libya’s state-run National Oil Corporation, operates five primary oil and gas fields along with various producing subfields, linked by pipeline networks that convey crude to the Sidra oil terminal and gas to processing facilities.
The government has signed a memorandum of understanding with U.S. oil giant Chevron, along with a cooperation agreement with Egypt’s oil ministry at the Libya Energy and Economy Summit taking place in Tripoli.
Dbeibah stated that the agreements signify “the enhancement of Libya’s relationships with its most significant and impactful international partners in the global energy sector.”
Masoud Suleman, the acting chairman of the National Oil Corporation (NOC), stated during the summit that the results of Libya’s first oil exploration bidding round in over 17 years are set to be announced on February 11.
Libya stands as one of Africa’s largest oil producers and is a member of the Organization of the Petroleum Exporting Countries (OPEC).
Foreign investors have approached Libya with caution, as the country has remained in turmoil since the fall of Muammar Gaddafi in 2011. Conflicts between competing armed groups regarding oil revenues frequently result in the shutdown of oilfields.
