Libya signs a $20bn Waha oil development agreement
Libya · 31 weeks ago
On 24 January 2026 Libya signed a 25-year development agreement with TotalEnergies and ConocoPhillips through Waha Oil Company, expected to draw more than $20bn in foreign investment. It was concluded during the Libya Energy and Economy Summit in Tripoli.
The agreement targets raising production capacity by up to 850,000 barrels per day, from about 350,000 b/d currently, with expected net revenues of more than $376bn over the life of the contract.
The programme covers development of four new oil fields plus an exploration programme across 19 concession areas. It is among the largest foreign-financed investments in Libya's oil and gas sector since 2011.
Source: The Energy Year and Africanews