Libya has signed a 25-year oil development agreement with France’s TotalEnergies and US-based ConocoPhillips, extending the Waha Concessions up to 31 December 2050 and involving more than US$20bn in foreign-financed investment (Reuters, 26 January 2026).
According to TotalEnergies, the agreement introduces new fiscal terms designed to increase output from concessions that currently produce around 370,000 boe/d. This agreement "paves the way for a new phase of investment, including the development of the North Gialo field, which is expected to add 100,000 boe/d of production,” the company said (TotalEnergies press release, 26/01/2026).
Signed through Waha Oil Company, a subsidiary of Libya’s state-run National Oil Corporation (NOC), the deal aims to boost production capacity by up to 850,000 boe/d and is expected to generate net revenues for the State exceeding US$376bn, according to a post on X by the Libyan Prime Minister.
The Libyan government also signed a memorandum of understanding with US oil company Chevron and a cooperation agreement with Egypt’s Ministry of Petroleum.
Libya currently produces around 1.2 mb/d and holds the largest proven oil reserves in Africa, estimated at 6.6 Gt (Enerdata's Global Energy & CO2 Data).