Libya's Energy Renaissance: Major Oil Deals Signed

Libya has signed a 25-year, $20 billion oil development agreement with France's TotalEnergies and U.S.-based ConocoPhillips. The deal aims to significantly boost oil production capacity and generate substantial revenue. The agreements signal a strengthening of Libya's international relations and a step towards stabilizing its energy sector.

Libya has taken a significant step towards revamping its energy sector by signing a monumental 25-year oil development agreement with France's TotalEnergies and U.S.-based ConocoPhillips. The agreement involves more than $20 billion in foreign investment, as announced by Prime Minister Abdulhamid al-Dbeibah.

The deal, facilitated through the Waha Oil Company, aims to escalate production capacity by up to 850,000 barrels per day and is expected to yield net revenues exceeding $376 billion. Waha Oil Company, a subsidiary of Libya's state-run National Oil Corporation, currently produces between 340,000 and 400,000 barrels per day under normal operations.

In addition to this agreement, Libya has signed a memorandum of understanding with U.S. oil giant Chevron and a cooperation agreement with Egypt's oil ministry. These strategic partnerships underline Libya's efforts to strengthen relations with its influential global partners in the energy sector, indicating a renewed focus on stabilizing its petroleum industry.

(With inputs from agencies.)