Libya will sign a 25-year oil development agreement this Saturday with France’s TotalEnergies and United States (US) based ConocoPhillips, involving more than $20 billion in foreign-financed investment and aimed at boosting production capacity by up to 850 000 barrels per day, Prime Minister Abdulhamid al-Dbeibah said.
Signed through Waha Oil Company, a subsidiary of Libya’s state-run National Oil Corporation, the deal is expected to generate net revenues of more than $376 billion, Dbeibah said in a post on X.
Dbeibah said that Libya will also sign a memorandum of understanding with US oil major Chevron and a cooperation agreement with Egypt’s Oil Ministry.
Libya is one of Africa’s biggest oil producers, but output has been disrupted repeatedly in the chaotic decade since 2014, when the country split between rival authorities in the east and west following the NATO-backed uprising that toppled Muammar Gaddafi.
The agreements reflect “the strengthening of Libya’s relations with its largest and most influential international partners in the global energy sector, ultimately generating additional resources for the national economy,” Dbeibah said.
–Reuters–
