• Libya signed a 25-year oil and gas agreement with TotalEnergies and ConocoPhillips through Waha Oil Company.

• The deal plans more than $20 billion in foreign investment and targets 850,000 barrels per day of capacity.

• Libyan authorities estimate the contract could generate over $376 billion in net revenue over its lifetime.

Libya announced a 25-year oil agreement with France’s TotalEnergies and U.S.-based ConocoPhillips. Prime Minister Abdulhamid al-Dbeibah disclosed the deal on the sidelines of the Libya Energy and Economy Summit held in Tripoli in a message posted on X on Saturday, Jan. 24.

تشهد ليبيا اليوم توقيع اتفاقيات ومذكرات تفاهم استراتيجية تُعد إنجازًا نوعيًا وفريدًا يعكس تعزيز علاقاتها مع أكبر الشركاء الدوليين وأكثرهم ثقلًا وتأثيرًا في قطاع الطاقة عالميًا، وتوسّع مسارات التعاون والاستثمار، بما يحقق في المحصلة موارد إضافية لاقتصاد الدولة، ووظائف وفرص عمل،…

— عبدالحميد الدبيبة Abdulhamid AlDabaiba (@Dabaibahamid) January 24, 2026

The parties concluded the agreement through Waha Oil Company, a subsidiary of Libya’s state-owned National Oil Corporation (NOC). The contract provides for more than $20 billion in external investment in the development of Libya’s oil and gas sector.

Libyan authorities said the agreement aims to raise Waha Oil Company’s production capacity to about 850,000 barrels per day. Reuters cited a source close to the company who said current output ranges between 340,000 and 400,000 barrels per day under normal operating conditions.

Prime Minister Abdulhamid al-Dbeibah told local media that the contract could generate more than $376 billion in net revenue for Libya over its full duration. Authorities did not disclose details on revenue sharing among stakeholders.

Libya Gradually Revives Its Oil Sector

The agreement with TotalEnergies and ConocoPhillips fits into a broader restructuring of Libya’s oil sector. Authorities are gradually restarting exploration activities and cautiously reopening the country to foreign investors.

In April 2025, Libyan authorities signaled their intention to attract new exploration investment. The National Oil Corporation said the strategy focuses on renewing reserves and modernizing existing production capacity. Officials launched several initiatives to revive a sector weakened by years of political and security instability.

In March 2025, the NOC launched a licensing round covering 22 onshore and offshore oil blocks. Authorities described the process as the first licensing round in more than 17 years and said they will publish results in early 2026.

In November 2025, Austria’s OMV announced an oil and gas discovery in the Sirte Basin following drilling on Block 106/4, which OMV operates in partnership with the NOC. The exploratory well recorded flow rates above 4,000 barrels of crude per day.

In March 2025, authorities also restarted the Mabruk oil field, which had remained shut for more than a decade. Officials announced initial production of 5,000 barrels per day, with plans for gradual increases.

Libya held 48 billion barrels of proven crude oil reserves in 2024, the largest in Africa, according to the U.S. Energy Information Administration. The government reaffirmed its target to raise oil production to 1.6 million barrels per day by the end of 2026, up from about 1.38 million barrels per day, according to the African Energy Council.

Within this strategy, the OPEC member said it wants to rely more heavily on the United States to support the development of its oil sector.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange J.A. de BERRY QUENUM