Libya’s government signed a long-term oil development pact with major Western producers, signaling renewed ambitions for energy expansion. Officials framed the agreement as a turning point for investment confidence.
Prime Minister Abdulhamid al-Dbeibah said Libya finalized a 25-year agreement with TotalEnergies SE (NYSE:TTE) and ConocoPhillips (NYSE:COP) through Waha Oil Company, Reuters reports.
Investment Scope
Al-Dbeibah said the deal secures more than $20 billion in foreign-backed funding. He added the project could deliver net revenue exceeding $376 billion over its lifespan.
Officials said the development aims to lift national capacity by as much as 850,000 barrels daily.
The expansion would mark one of Libya’s largest upstream commitments in years, Reuters adds.
Current Output Levels
A Waha Oil source said daily production usually ranges between 340,000 and 400,000 barrels. Output fluctuates depending on security conditions and infrastructure stability.
Waha Oil operates as a subsidiary of Libya’s state-run National Oil Corporation.
The company manages five major oil and gas fields and several producing satellite sites.
Pipeline networks link Waha’s fields to the Sidra oil terminal. Separate lines move gas to domestic processing facilities.
Additional Energy Agreements
Libya also signed a memorandum of understanding with Chevron Corp. (NYSE:CVX). Officials confirmed a cooperation deal with Egypt’s oil ministry during the Tripoli summit.
Al-Dbeibah said the agreements reflect stronger ties with influential global energy partners.
He described the deals as proof of Libya’s reopening to international capital.
Masoud Suleman, acting chairman of the National Oil Corporation, announced an upcoming milestone. He said Libya will reveal results from its first exploration bid round in over 17 years on Feb. 11.
Libya ranks among Africa’s largest oil producers and holds membership in OPEC, Reuters highlights.
The country’s output often swings due to internal political disputes.
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