Libya’s Tripoli-based, UN-recognised government has sealed a 25-year oil development agreement with France’s TotalEnergies and US energy major ConocoPhillips. The agreement, announced at the Libya Energy and Economic Summit in Tripoli, will unlock more than US $20bn in foreign-financed investment aimed at raising Waha’s production from around 350,000 barrels per day to as much as 850,000 bpd through the development of four new oil fields and exploration across 19 concession areas.
Prime Minister Abdulhamid Dbeibah said the deal is expected to more than double output from the Waha Oil Company and could generate over US $370bn in state revenues over its lifetime and stressed that it would not draw on Libya’s public budget. Signed through Waha, a subsidiary of the state-owned National Oil Corporation (NOC), the agreement marks the largest foreign investment commitment to Libya’s upstream sector in more than a decade and signals renewed confidence from major international oil companies following years of political instability.
READ: Scatec to develop 120 MW solar project in Tunisia
Oil industry in Libya
The summit also saw Tripoli sign a memorandum of understanding with US oil major Chevron and a cooperation agreement with Egypt covering energy logistics, exploration and production. US Middle East adviser Massad Boulos, who attended the event, described the summit as a platform for Libya’s return as a global energy player, while the US embassy said the expansion of the Waha partnership reflected deepening energy ties between Washington and Tripoli.
Libya currently produces about 1.5 million barrels per day and holds Africa’s largest proven oil reserves, estimated at 48.4 billion barrels. Production has rebounded sharply in recent years, averaging more than 1.37 million bpd in 2025, the highest level in over a decade, supported by field rehabilitation, infrastructure repairs and improved operational stability across NOC subsidiaries. Authorities aim to raise output to 1.6 million bpd by the end of 2026 and ultimately reach 2 million bpd by 2030.
Beyond its economic significance, the deal carries strong geopolitical implications. It represents a vote of confidence by Western governments and energy majors in Dbeibah’s administration, which has remained in power since 2021 despite delayed elections. Libya remains divided between the Tripoli government and an eastern administration aligned with military commander Khalifa Haftar, but recent energy agreements suggest that entrenched political rivalries are giving way to pragmatic cooperation as domestic elites and foreign powers compete for influence in the country’s vast energy sector.
With new licensing rounds expected to be announced soon and long-term contracts offering greater regulatory certainty, Libya’s oil industry is positioning itself for a sustained recovery—potentially restoring the country to its pre-2011 status as one of Africa’s leading energy producers.
