Libya's 25-Year Oil Pact: A New Era in Energy Cooperation

Libya will soon finalize a 25-year oil development agreement with TotalEnergies and ConocoPhillips, investing over $20 billion. The deal aims to increase production capacity to 850,000 bpd, expected to generate over $376 billion in net revenue, symbolizing enhanced relations in the global energy sector.

Libya is set to ink a significant 25-year oil development agreement with France's TotalEnergies and U.S.-based ConocoPhillips this weekend. The deal, announced by Prime Minister Abdulhamid al-Dbeibah, will involve an investment exceeding $20 billion, largely financed by foreign investors.

The arrangement, executed through the Waha Oil Company, aims to enhance Libya's production capacity to 850,000 barrels per day. Such an increase could potentially yield net revenues exceeding $376 billion, according to Dbeibah. Currently, Waha's production oscillates between 340,000 and 400,000 bpd.

In addition to these deals, Libya will sign a memorandum of understanding with Chevron and plan a cooperative agreement with Egypt's oil ministry. Convened during the Libya Energy and Economy Summit in Tripoli, these agreements mark a pivotal moment reflecting Libya's strengthened ties with influential players in the global energy market.

(With inputs from agencies.)