ConocoPhillips and France’s TotalEnergies have entered into a 25‑year oil development agreement with the Libyan state‑run National Oil Corporation, committing more than $20 billion in foreign‑financed investment to boost production capacity by up to 850,000 barrels per day.
The partnership is a strategic move for ConocoPhillips, which has been expanding its “Europe, Middle East and North Africa” portfolio by acquiring low‑cost, high‑volume assets. Libya’s oil fields are known for their low operating costs, and the new agreement will allow ConocoPhillips to tap into that advantage while diversifying its upstream exposure in a region that has been disrupted by political instability since 2011.
The deal will be executed through Waha Oil Company, a subsidiary of the National Oil Corporation that normally produces between 340,000 and 400,000 barrels per day. The 850,000‑bpd increase represents more than double Waha’s current output, positioning the partnership as a catalyst for Libya’s broader goal of reviving its hydrocarbons sector and restoring economic stability.
TotalEnergies, which has operated in Libya since 1954, brings deep technical expertise and a long‑standing presence to the project. The collaboration is expected to accelerate field development, improve operational efficiencies, and strengthen TotalEnergies’ foothold in the North African market.
The agreement was signed during the Libya Energy and Economic Summit in Tripoli, where several other agreements were announced, including a memorandum of understanding with Chevron and a cooperation pact with Egypt’s Ministry of Petroleum. The deal underscores Libya’s commitment to attracting major international partners and signals a turning point for the country’s energy industry.
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