PM: Contract with TotalEnergies, ConocoPhillips to allow Libya to attract $20B in investment

Libya's signing today of a 25-year oil development agreement with France's TotalEnergies and the US-based ConocoPhillips will attract over $20 billion in foreign investment to the country, Prime Minister Abdul Hamid Dbeibah wrote on X, Report informs.

"Today, Libya is witnessing the signing of strategic agreements and memoranda of understanding, representing a qualitative and unique achievement, reflecting the strengthening of its relations with the largest and most influential international partners in the global energy sector, expanding cooperation and investment opportunities," the prime minister noted.

He added that this will ultimately lead to additional resources for the country's economy, the creation of jobs and employment opportunities, improved service quality, and financial stability, which will directly impact the income and well-being of citizens.

"Key partnerships include the signing of a long-term 25-year development agreement through Waha Oil Company [a subsidiary of Libya's state-owned National Oil Corporation], jointly with France's TotalEnergies and the US-based ConocoPhillips. The project, with an investment volume of over $20 billion, will be implemented through external financing outside the state budget," the prime minister noted.

According to him, this project envisages increasing production capacity to 850,000 barrels per day, and the expected net state revenue will exceed $376 billion.

He also announced the signing of a memorandum of understanding with the US company Chevron and a memorandum of cooperation with the Egyptian Ministry of Petroleum.