Libya Inks $20B Oil Deal with TotalEnergies, ConocoPhillips (Output Set to Soar)
The Prime Minister of Libya, Abdulhamid al-Dbeibah, said that Libya has signed a 25-year, $20 billion oil development deal with France’s TotalEnergies and U.S.-based ConocoPhillips through Waha Oil Company. The deal aims to increase production capacity by up to 850,000 barrels per day (bpd) and bring in more than $376 billion in net revenues. Waha’s current production is between 340,000 and 400,000 barrels per day. It runs five main fields and a number of smaller fields that are linked by pipelines for transporting crude oil and gas. The government also signed a memorandum of understanding with Chevron and a cooperation agreement with Egypt’s oil ministry during the Libya Energy and Economy Summit in Tripoli. This shows that relations with important international energy partners are getting stronger. The National Oil Corporation also said that the results of Libya’s first oil exploration bidding round in more than 17 years will be made public on February 11. Libya is one of Africa’s biggest oil producers and a member of OPEC. Since Muammar Gaddafi was overthrown in 2011, there has been instability and disagreements over oil revenues, which has made investors hesitant to put money into the country.
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