Libyan Prime Minister Abdul Hamid Dbeibah stated on Saturday that the country will sign a 25-year oil development agreement with France's TotalEnergies and U.S.-based ConocoPhillips, a deal expected to attract over $20 billion in foreign investment.
Dbeibah indicated in a post on the social media platform X that the agreement, signed by the Waha Oil Company, a subsidiary of Libya's National Oil Corporation, aims to boost the company's production capacity to up to 850,000 barrels per day and is projected to generate more than $376 billion in net revenue.
Sources from Waha Oil Company noted that under normal operating conditions, the company's output typically ranges between 340,000 and 400,000 barrels per day.
Waha, a subsidiary of Libya's National Oil Corporation, manages five major oil and gas fields along with several producing sub-regions, all interconnected by a pipeline network that transports crude oil to the Es Sider oil terminal and natural gas to processing facilities.
Dbeibah also announced that Libya will sign a memorandum of understanding with U.S. oil giant Chevron and enter into a cooperative agreement with Egypt's Ministry of Petroleum.
These agreements are set to be finalized during the Libya Energy and Economy Summit, which is being held in Tripoli.
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