Libya unveiled a landmark oil deal valued at over $20 billion over 25 years with TotalEnergies and ConocoPhillips via the Waha Oil Company, signaling a major influx of foreign investment and renewed Western engagement in its energy sector.

The 25-year oil development agreement aims to bolster Libya’s oil industry and bring substantial foreign capital, underscoring the country’s push to leverage its reserves for economic revitalization.

Libya holds Africa’s largest proven oil reserves—about 48.4 billion barrels—and currently produces roughly 1.5 million barrels per day, though security and political turmoil since Gaddafi’s ouster in 2011 have disrupted output.

At the summit, observers framed Libya’s deals as a potential stepping stone toward becoming a major US economic partner and a global energy power.

The announcements frame the deals as both economic necessity and diplomatic achievement, aiming to strengthen international energy ties and develop Libya’s underexplored reserves.

Libya’s first oil exploration bidding round in 17 years is expected to yield results on February 11, signaling renewed exploration opportunities.

Sustained political stability and protection of energy infrastructure are crucial for the success of these deals, given ongoing factional violence that has long undermined the sector.

Dbeibah signaled plans to pursue agreements with Chevron for exploration and production development and with Egypt to support sector services.

The Libya Energy and Economy Summit included a memorandum of understanding with Chevron and a cooperation agreement with Egypt’s oil ministry, indicating broader diversification of international partners.

Waha Oil Company, a Libyan National Oil Corporation subsidiary, operates five primary fields and connects to the Sidra terminal, underpinning eastern-region processing.

The deal could raise Waha’s production by as much as 850,000 barrels per day, potentially generating net revenues above $376 billion over the contract’s life, with current output around 340,000 to 400,000 barrels per day.

The announcement came at the Libya Energy and Economy Summit in Tripoli, with participation from international officials and regional partners.