Largest foreign investment in decades
Libya signed a 25-year oil development agreement with TotalEnergies and ConocoPhillips on Friday, locking in more than $20 billion in foreign investment to expand output from the Waha concessions through 2050.
The deal, signed at the Libya Energy & Economy Summit in Tripoli, aims to lift production capacity to 850,000 barrels per day from the current 370,000 bpd. TotalEnergies CEO Patrick Pouyanné signed the agreement alongside Prime Minister Abdul Hamid Dbeiba.
North Gialo field anchors expansion
The agreement clears the way for development of the North Gialo field, expected to add 100,000 barrels of oil equivalent per day. TotalEnergies said the project fits its strategy of pursuing low-cost, low-emission resources.
Waha Oil Company operates the concessions on behalf of the National Oil Corporation, which holds 59.16% of the venture. TotalEnergies and ConocoPhillips each own 20.42%.
Libya projects the deal will generate more than $376 billion in net revenues over its lifetime.
Africa's largest reserves attract majors
The agreement comes as international oil companies return to Libya after years of political instability. The country holds 48 billion barrels of proven crude reserves, the largest in Africa.
Production hit a 10-year high of 1.4 million bpd in 2025, and the National Oil Corporation targets 1.6 million bpd by year-end. Oil revenues jumped 18% to nearly $22 billion last year.
Chevron is also set to sign an exploration agreement covering Libyan blocks, while ExxonMobil has begun technical studies on offshore areas. More than 40 companies have registered interest in Libya's first licensing round since 2011, covering 22 blocks across the Sirte, Murzuq and Ghadames basins.
Market context
The expansion adds supply capacity at a time when OPEC+ has paused production increases through the first quarter. Track the latest crude benchmarks on our live market data page.