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Libya Signs $20 Billion+ Oil Production Deal

Published January 24, 2026, 15:11
Libya Signs $20 Billion+ Oil Production Deal

Libya is set to sign a 25-year agreement with TotalEnergies and ConocoPhilips to develop oil production, with investments exceeding $20 billion. The agreement aims to increase production capacity by up to 850,000 barrels per day and generate revenues of over $376 billion. Simultaneously, Libya will sign a memorandum of understanding with Chevron and an agreement with the Egyptian Ministry of Petroleum, strengthening its relations with key international partners in the energy sector.