Libya has signed a 25-year agreement with TotalEnergies and ConocoPhillips for investments of over 20 billion dollars, aiming to increase oil production.

Libya has signed a significant oil development agreement with TotalEnergies (France) and ConocoPhillips (USA), which will take place over a period of 25 years and will involve foreign investments of over 20 billion dollars, according to Prime Minister Abdulhamid al-Dbeibah. The contract, concluded through Waha Oil, aims to increase production capacity to up to 850,000 barrels per day, generating estimated net revenues of over 376 billion dollars. Current daily production ranges between 340,000 and 400,000 barrels. The Prime Minister also announced a memorandum of understanding with Chevron and a cooperation agreement with the Ministry of Petroleum of Egypt, all signed during the Libya Energy and Economy Summit. These initiatives underscore the strengthening of Libya's relationships with international partners in the energy sector, in the context of the political instability that has affected oil production over the past decade.