Libyan Prime Minister Abdulhamid al-Dbeibeh has announced a landmark 25-year oil development agreement with France’s TotalEnergies and US-based ConocoPhillips, committing more than $20 billion in foreign-funded investment to the country’s energy sector, according to Reuters.

The deal, concluded through the Waha Oil Company, aims to increase Libya’s production capacity by up to 850,000 barrels per day (bbl/d). According to al-Dbeibeh, the project is projected to generate net revenues exceeding $376 billion over its 25-year lifespan.

A source at Waha Oil said the company’s current daily production typically ranges between 340,000 and 400,000 bbl/d during normal operations. Waha, a subsidiary of Libya’s state-owned National Oil Corporation (NOC), operates five major oil and gas fields along with several producing subfields. These assets are linked by pipeline networks that transport crude oil to the Sidra export terminal and natural gas to processing facilities.

On the sidelines of the Libya Energy and Economy Summit in Tripoli, the Libyan government further expanded its international reach by signing a Memorandum of Understanding (MoU) with US energy giant Chevron.

This was accompanied by a strategic cooperation agreement with Egypt’s Ministry of Petroleum and Mineral Resources (MoPMR). Al-Dbeibeh noted that these agreements underscore Libya’s deepening ties with key global energy players and regional partners.

Separately, Masoud Suleman, acting chairman of the NOC, told the summit that the results of Libya’s first oil exploration licensing round in more than 17 years will be announced on February 11.

Libya, one of Africa’s largest oil producers and a member of OPEC, has struggled to attract foreign investment since the 2011 overthrow of Muammar Gaddafi. Persistent political instability and clashes between rival armed groups over control of oil revenues have repeatedly disrupted production and led to the shutdown of key oilfields.