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Libya secures $20B in foreign investment for a 25-year oil deal to boost output to 850,000 bpd.
Libya’s government has signed a 25-year oil development deal with TotalEnergies and ConocoPhillips, backed by over $20 billion in foreign investment, to boost oil production capacity to 850,000 barrels per day through Waha Oil Company.
The agreement, announced by Prime Minister Abdulhamid al-Dbeibah during the Libya Energy & Economic Summit in Tripoli, is expected to generate more than $376 billion in net revenue.
Libya also confirmed a memorandum of understanding with Chevron and a cooperation agreement with Egypt’s oil ministry.
Results from the country’s first exploration bid round in over 17 years are due February 11, 2026.
Libia asegura $ 20B en inversión extranjera para un acuerdo de petróleo de 25 años para impulsar la producción a 850,000 bpd.