Libya Signs $20 Billion, 25-Year Oil Deal With TotalEnergies and ConocoPhillips

Libya is set to sign a long-term oil development agreement worth more than $20 billion with TotalEnergies of France and ConocoPhillips of the United States, Libyan Prime Minister Abdul Hamid Dbeibeh announced.

The 25-year agreement will be implemented through the Waha Oil Company and aims to significantly expand Libya’s crude oil production capacity, increasing output to as much as 850,000 barrels per day. According to Dbeibeh, the project is expected to generate net revenues exceeding $376 billion over the lifetime of the deal.

In a statement posted on the social media platform X, the Libyan prime minister said the agreement reflects Libya’s growing cooperation with leading global energy companies and key international partners, describing the deal as a major step toward strengthening the country’s economy and revitalizing its oil sector.

Libya holds Africa’s largest proven oil reserves, but production has faced repeated disruptions over the past decade due to political division and security instability following the 2014 crisis, which split authority between rival administrations in the east and west after the uprising that toppled the regime of Muammar Gaddafi.

The new agreement is part of broader government efforts to restore stability in the energy sector, attract large-scale foreign investment, and modernize oil infrastructure in order to boost production efficiency and public revenues.