Libya has signed a landmark agreement with TotalEnergies SE and ConocoPhillips to more than double production capacity at the Waha Oil joint venture, with investments expected to reach US$20 billion over 25 years, officials said.
Under the pact, output is projected to rise to 850,000 barrels per day (bpd) from around 350,000 bpd, according to Libya’s Minister of State for Communication and Political Affairs, Walid Ellafi. The agreement was finalised on Saturday during the Libya Energy & Economic Summit in Tripoli.
The expansion will involve the development of four new oil fields and a broad exploration programme covering 19 concession areas. Ellafi estimated that revenues for Libya from the project could exceed US$376 billion over the lifetime of the agreement.
The deal comes nearly a decade after Libya’s oil production slumped due to civil conflict that erupted in 2011. Once comparable to Saudi Arabia in output, the North African nation is now seeking to restore its status as a major petroleum producer, attracting renewed interest from international energy companies.
“Libya’s oil sector is returning to the global stage,” Ellafi said, noting that the agreement reflects both the country’s large reserves and the investor-friendly reforms introduced to stabilise the industry.
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Several other deals were signed during the summit. Chevron Corp. announced investment opportunities focusing on exploration in the Sirte basin and redevelopment of mature fields. In addition, Libya and Egypt signed a cooperation framework covering energy logistics, exploration, and production initiatives.
Industry analysts said the Waha Oil pact underscores Libya’s potential to supply low-cost crude to international markets, just as global oil demand is recovering from a period of surplus. Enverus Intelligence Research highlighted Libya’s vast fossil fuel reserves and ongoing regulatory reforms as key factors drawing international energy firms despite lingering political risks.
Waha Oil, originally formed in the 1990s, is operated in partnership with Libya’s National Oil Corporation (NOC) and foreign investors including TotalEnergies, ConocoPhillips, and Marathon Oil. The new agreement aims to modernise production infrastructure, enhance recovery rates, and implement advanced exploration technologies.
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Ellafi stressed that the expansion is expected to generate long-term economic benefits, including increased employment, capacity building, and local industry engagement. He added that the development of new fields and exploration activities would also support broader fiscal revenues and foreign exchange inflows.
Libya’s oil sector remains vulnerable to political instability, including rival administrations and militia activity in key producing regions. Nevertheless, the government has prioritised reforms to reassure foreign investors, streamline licensing, and improve transparency in operations.
The Waha Oil expansion is expected to contribute significantly to Libya’s goal of restoring its pre-conflict production levels and meeting global energy demand. With international companies committing to multi-billion-dollar investments, the project represents one of the largest foreign-funded oil developments in Libya since the 2011 conflict.
Officials said that by unlocking additional capacity, the venture will help stabilise the local energy sector while providing a reliable source of crude for export markets. The comprehensive exploration programme may also lead to new discoveries, further strengthening Libya’s standing in the global petroleum landscape.
The agreements signed at the Tripoli summit signal renewed confidence in Libya’s energy potential, highlighting the country’s ambitions to attract foreign investment, boost production, and rebuild a sector that was once a cornerstone of the North African economy.
