Libya Signs Landmark $20 Billion Energy Deal With TotalEnergies and ConocoPhillips

Libya has taken a major step toward reshaping its energy future after signing a 25‑year oil and gas agreement with French energy giant TotalEnergies and US-based ConocoPhillips, securing more than $20 billion in foreign investment.

The deal was announced by Prime Minister Abdul Hamid Dbeibah during the Libya Energy and Economy Summit in Tripoli and will be implemented through Waha Oil Company, a subsidiary of Libya’s state-owned National Oil Corporation.

According to the Libyan government, the agreement is expected to significantly boost national production capacity, with output projected to rise to up to 850,000 barrels per day. Over the lifetime of the project, the deal could generate more than $376 billion in net revenues, positioning it as one of the largest energy investments in Libya’s post-conflict era.

Dbeibah described the agreement as a sign of renewed international confidence in Libya’s economy and energy sector. He said the partnership reflects “the strengthening of Libya’s relations with its largest and most influential international partners in the global energy industry.”

Libya’s oil production reached its highest level in over a decade in 2025, climbing to approximately 1.37 million barrels per day, as stability in key oil regions improved and international companies began returning to long-delayed projects.

Executives from TotalEnergies confirmed that the investment strategy will focus on both new “greenfield” developments and the revitalization of existing “brownfield” oil assets, allowing Libya to expand capacity while modernizing aging infrastructure.

Alongside the Waha agreement, the Libyan government also signed a memorandum of understanding with US oil major Chevron and a cooperation deal with Egypt’s oil ministry, signaling a broader push to reposition Libya as a central energy hub in North Africa.

Last year, Libya launched its first oil and natural gas exploration licensing round in 17 years, a move widely seen as critical to attracting fresh capital and technology into the sector. Results from the new exploration phase are expected to be announced in early 2026.

For Libya, the agreement represents more than just an oil deal. It marks a strategic effort to stabilize state revenues, rebuild investor confidence, and restore the country’s role as one of Africa’s most important energy producers after years of conflict and economic disruption.

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