A view of the pipelines at Zueitina oil terminal, in west of Benghazi, Libya February 3, 2020. Picture taken February 3, 2020.
Esam Omran Al-fetori | Reuters
Libya will sign a 25-year oil development agreement on Saturday with France’s TotalEnergies and U.S.-based ConocoPhillips, involving more than $20 billion in foreign-financed investment, Prime Minister Abdulhamid al-Dbeibah said.
Signed through Waha Oil Company, the deal aims to boost production capacity by up to 850,000 barrels per day (bpd) and is expected to generate net revenues of more than $376 billion, Dbeibah said in a post on X.
A Waha source said the company’s daily output typically ranges between 340,000 and 400,000 bpd under normal operations.
Waha, a subsidiary of Libya’s state-run National Oil Corporation, operates five main oil and gas fields as well as several producing subfields, connected by pipeline networks that transport crude to the Sidra oil terminal and gas to processing facilities.
Dbeibah said Libya will also sign a memorandum of understanding with U.S. oil major Chevron and a cooperation agreement with Egypt’s oil ministry.
The deals are set to be signed during the Libya Energy and Economy Summit being held in Tripoli.
The agreements reflect “the strengthening of Libya’s relations with its largest and most influential international partners in the global energy sector,” Dbeibah said.
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 an uprising that toppled Muammar Gaddafi.