Libya has secured a $20 billion, 25-year oil development agreement with U.S. firm ConocoPhillips and France’s TotalEnergies, reinforcing the country’s push to scale up production and reclaim a leading position in Africa’s energy sector. The deal was announced under the Waha Oil Company, a joint venture linked to Libya’s state-owned National Oil Corporation (NOC), as reported by Business Insider Africa.
The agreement is expected to significantly expand Libya’s oil output capacity, with officials projecting production gains of up to 850,000 barrels per day over the life of the project. Libyan Prime Minister Abdulhamid al-Dbeibah said the investment would be fully financed outside the state budget and could generate hundreds of billions of dollars in long-term revenues, supporting economic recovery after years of conflict and underinvestment.
TotalEnergies and ConocoPhillips will support field development, infrastructure upgrades and enhanced recovery efforts, bringing technical expertise and capital to ageing but resource-rich oil assets. The deal also signals renewed confidence by major international energy companies in Libya’s oil sector and regulatory framework.
Times of India says the agreement strengthens Libya’s bid to lift output and stabilize exports, positioning the country to compete with leading African producers. It also underscores growing international interest in Libya’s energy potential as global firms seek long-term, low-cost oil supply, as highlighted in regional energy market commentary.
