Libya seals $20 billion oil pact with international companies
A worker at the Zawiya Oil Refinery, some 40 kms west of Tripoli, October 27, 2011. (Marco Longari/AFP)
Libya has signed a long-term oil agreement worth more than $20 billion with France’s TotalEnergies and US-based ConocoPhillips, marking one of the country’s biggest foreign energy investments in years, according to Africa News via Reuters and Anadolu Agency on January 25th.
Prime Minister Abdul Hamid Dbeibah announced on January 25th that the 25-year deal was finalised during the Libya Energy and Economy Summit in Tripoli. The agreement was signed through the Waha Oil Company, a subsidiary of Libya’s state-run National Oil Corporation (NOC).
Speaking at the summit, Dbeibah said the project is expected to raise Libya’s oil production capacity by up to 850,000 barrels per day and generate more than $376 billion in net revenues over the lifespan of the contract.
He described the deal as a sign of Libya’s growing ties with major international energy partners, saying it reflects the country’s strengthening position in the global oil market.
In a post on X, the prime minister also revealed that Libya’s crude output reached its highest level in 12 years in 2025, climbing to 1.37 million barrels per day, despite ongoing political and security challenges.
Officials from TotalEnergies welcomed the agreement, highlighting plans to expand both new and existing oil fields. Bachir Brahim Bazzazi, first adviser to the managing director of TotalEnergies’s Libyan subsidiary, said the company aims to develop so-called “green fields” while boosting production at mature “brown fields” to increase overall output.
Alongside the Waha deal, the Libyan government signed a memorandum of understanding with US energy giant Chevron and a cooperation agreement with Egypt’s oil ministry, further expanding regional and international partnerships. The new agreements are expected to support production growth and attract further foreign participation in Libya’s energy sector.
Libya has also restarted exploration activity after years of stagnation. In 2025, authorities launched the country’s first oil and gas licensing round in 17 years, with results expected to be announced in February 2026, according to Prime Minister Dbeibah.
Africa News via Reuters and Anadolu Agency, Maghrebi.org
Want to chase the pulse of North Africa?
Subscribe to receive our FREE weekly PDF magazine
