Libya has signed a 25-year oil development deal with TotalEnergies and ConocoPhillips, expected to generate more than USD 20 billion in foreign investment, Reuters reported on Saturday.
The deal, signed via Waha Oil Company, aims to increase production capacity by up to 850,000 bopd and is projected to generate more than USD 376 billion in net revenues.
Marking one of the largest foreign-financed investments in Libya’s oil and gas sector since 2011, the agreement was finalised during the Libya Energy and Economy Summit in Tripoli, where the government also signed an MoU with Chevron and a co-operation agreement with Egypt’s oil ministry.
Libya’s National Oil Corporation said in a separate statement during the summit that the results of the country’s first oil exploration bid round in 17 years would be announced on February 11.
Waha Oil’s current production stands between 340,000 and 400,000 bopd under normal operating conditions, Reuters reported, citing a company source. Waha Oil operates five main oilfields and several other producing assets connected via pipeline to the Sidra oil terminal and gas processing facilities.
TotalEnergies holds interest stakes in several fields in Libya’s Muzurk basin as well as in various concessions, including Al Jurf, El Sharara, Mabruk and Waha. ConocoPhillips’s exploration and production efforts in Libya are concentrated on Waha.