Libya Signs $20 Billion Oil Development Deal with International Energy Giants
Edited By: Aminata Diallo
Libya has signed a major oil development agreement worth $20 billion in foreign investment with TotalEnergies and ConocoPhillips, marking one of the largest energy deals in the country in recent years.
The 25-year agreement was announced at the opening of the Libyan Energy and Economy Summit in Tripoli. It aims to boost oil production by developing both so-called “green fields” and revitalizing existing “brown fields” through enhanced recovery techniques.
Bachir Brahim Bazzazi, senior adviser to the head of TotalEnergies’ Libyan subsidiary, said the dual approach of developing new fields while improving output from mature ones is expected to significantly raise Libya’s overall oil production capacity.
Prime Minister Abdulhamid Dbeibah also revealed that Libya is preparing to sign an additional agreement with Chevron covering exploration and production development. A separate deal with Egypt is also planned to strengthen oil-sector services and technical cooperation.
International energy service providers have signaled renewed interest in Libya following recent improvements in security and political stability. Yann Amenabar, international business development manager at Cudd Well Control, said the country’s stabilization played a key role in Libya’s return to the company’s operational roadmap.
The agreement with TotalEnergies and ConocoPhillips was signed through Waha Oil Company, a subsidiary of Libya’s National Oil Corporation, with the objective of increasing national production capacity to 850,000 barrels per day.
