Libya’s Tripoli-based government signed a 25-year oil development agreement with France's TotalEnergies and the US’s ConocoPhillips that could more than double the output of its Waha Oil company.
Waha, a subsidiary of Libya’s state-owned National Oil Corporation, is producing roughly 350,000 barrels of oil per day (bpd). The agreement signed on Saturday will unlock $20bn in investments intended to increase production to 850,000 bpd.
Waha, ConocoPhillips and TotalEnergies will develop four new oil fields as part of the agreement, which includes an exploration programme for 19 concession areas.
Tripoli expects at least $376bn in revenue over the next 25 years from the agreement, Libya’s Prime Minister Abdul Hamid al-Dbeibah wrote on X.
He said that Tripoli’s partnership with ConocoPhillips and Total “represent a qualitative and unique achievement, reflecting the strengthening of [Libya’s] relations with the largest and most influential international partners in the global energy sector”.
