Libya has signed a 25-year strategic oil production agreement with French giant TotalEnergies and American ConocoPhillips worth over $20 billion. This was announced by the head of the Government of National Unity (GNU), Abdul Hamid Dbeibah, on social media.
Dbeibah noted that the terms of the agreement provide for an increase in oil production by up to 850,000 barrels per day, with profits from its implementation expected to exceed $376 billion.
"The signing of a long-term 25-year agreement with the Waha Oil Company (a subsidiary of Libya's National Oil Corporation (NOC), operating as a joint venture with TotalEnergies) in partnership with French company TotalEnergies and American company ConocoPhillips involves investments exceeding $20 billion through external financing," the statement said.
Additionally, the Libyan side signed a memorandum of understanding with the American company Chevron and a cooperation agreement with Egypt's Ministry of Petroleum and Mineral Resources as part of the Libyan Energy and Economy Summit, which is taking place in Tripoli from January 24-26.
"All these agreements expand opportunities for cooperation and investment, providing additional resources for the national economy, creating jobs and employment opportunities, improving the quality of services and financial stability, which directly impact citizens' income and quality of life," stated the head of the GNU.
In November 2025, GNU's Oil Minister Khalifa Abdulsadek announced that Libya plans to increase oil production to 1.6 million barrels per day in 2026 and to 1.8 million barrels per day by 2027 by implementing a program to rehabilitate old fields.
