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By Newz.Africa Africa Desk | Tripoli, Libya | 28 January 2026 | Libya signs 20 billion oil deal
Libya has signed a long‑term oil agreement worth more than 20 billion dollars with TotalEnergies and ConocoPhillips. The deal is set to run for 25 years. It is structured through Waha Oil Company, a subsidiary of the National Oil Corporation. Officials said the plan aims to increase national output by up to 850,000 barrels per day.
Prime Minister Abdul Hamid Dbeibah said the contract will be financed by foreign investment. He said Libya could earn more than 370 billion dollars in net revenue over the lifespan of the agreement. Current Waha Oil production levels range between 340,000 and 400,000 barrels per day depending on stability and infrastructure conditions.
Sector growth under the 20-billion-dollar deal
Libyan authorities said the agreement includes the development of new oil fields and expanded exploration across key concession areas. Output is expected to rise significantly once upgrades are finished. Officials described the deal as a major step in modernising Libya’s production infrastructure.
This forms part of a broader effort to revive a sector weakened by years of political division and conflict. Libya restarted licensing rounds in 2025 after a 17-year pause. Authorities expect the results of the first new exploration round to be released in early 2026.
Extra energy agreements as Libya signs 20 billion oil deal
The government also signed a memorandum of understanding with Chevron. A cooperation agreement with Egypt’s oil ministry was confirmed during the Libya Energy and Economy Summit. Officials said these agreements show stronger ties with major global energy partners. They also show growing investor confidence in the country’s oil sector.
Political backdrop and industry challenges
Libya remains one of Africa’s largest oil producers. But output has been repeatedly disrupted by political tensions and security issues since 2014. Rival administrations have slowed production and created uncertainty among foreign investors. Authorities hope the new investments will stabilise the sector and support long‑term economic recovery.
Original Reporting
Newz.Africa examined reports from international media outlets and energy industry sources. We verified investment figures, production targets and projected revenue with data published during the Libya Energy and Economy Summit. Official statements by Prime Minister Abdul Hamid Dbeibah were cross‑referenced with summaries from Reuters‑linked publications and industry monitoring sources.
Primary artefact:
Libya Energy and Economy Summit announcements, 24 January 2026.
Sources
- Pipeline and Gas Journal report on the 25-year Waha agreement.
- Africa Business Insight analysis on Waha expansion.
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