Libya signs $20 billion oil deal with TotalEnergies and ConocoPhillips
## Libya's 25-Year Oil Agreement with TotalEnergies and ConocoPhillips
Libya's 25-Year Oil Agreement with TotalEnergies and ConocoPhillips
Libya has formalized a 25-year oil agreement with France's TotalEnergies and US-based ConocoPhillips, involving foreign investments exceeding $20 billion. This development was announced by Prime Minister Abdul Hamid Dbeibah during the Libya Energy and Economy Summit in Tripoli on Sat, Aug 15, 2025.
The agreement, facilitated through Waha Oil Company, a subsidiary of Libya's National Oil Corporation, is projected to enhance oil production capacity by up to 850,000 barrels per day, with expectations of generating over $376 billion in net revenues.
Prime Minister Dbeibah highlighted the agreement's significance in strengthening Libya's relations with key international partners in the global energy sector. He also noted that Libya's oil output reached a 12-year high in 2025, at 1.37 million barrels per day.
Libya has formalized a 25-year oil agreement with France's TotalEnergies and US-based ConocoPhillips, involving foreign investments exceeding $20 billion.
Bachir Brahim Bazzazi, first adviser to the managing director of TotalEnergies’ Libyan subsidiary, stated the focus on increasing oil production through both green and brown fields.
Additionally, Libya signed a memorandum of understanding with US oil company Chevron and a cooperation agreement with Egypt's oil ministry.
In 2025, Libya launched its first oil and natural gas exploration licensing round in 17 years, with results expected to be announced in February, according to Dbeibah.
Based on reporting by Africanews.
