economy
January 24, 2026
Libya to sign 25-year oil deal with TotalEnergies and ConocoPhillips
The deal involves more than $20 billion in foreign-financed investment, Libyan Prime Minister Abdulhamid al-Dbeibah said.
TL;DR
- Libya will sign a 25-year oil development agreement with TotalEnergies and ConocoPhillips.
- The investment in the deal exceeds $20 billion.
- The agreement, managed by Waha Oil Company, is expected to raise production capacity to 850,000 barrels per day.
- Net revenues are projected to surpass $376 billion.
- Libya will also sign an MOU with Chevron and a cooperation agreement with Egypt's oil ministry.
- These agreements will be signed during the Libya Energy and Economy Summit in Tripoli.
- Libya, a major African oil producer, has experienced production disruptions since 2014.
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