Libya has approved a major long term oil development agreement with French energy giant TotalEnergies and United States based ConocoPhillips in a deal valued at more than 20 billion dollars. The agreement is set to run for 25 years and marks one of the country’s largest energy investments since years of political instability disrupted oil output.
The deal focuses on developing and expanding production at several key oil fields, aiming to boost Libya’s crude output and modernize aging infrastructure. Officials said the project will help stabilize production levels, attract foreign investment and strengthen the country’s role as a major energy supplier.
Libya holds Africa’s largest proven oil reserves, but years of conflict, divided governance and security challenges have limited its ability to fully exploit its resources. Energy authorities described the agreement as a sign of growing confidence among international investors in Libya’s energy sector.
TotalEnergies and ConocoPhillips said the project would include technology upgrades, environmental safeguards and long term capacity building for local workers. The agreement is expected to generate significant revenue for Libya’s economy and support reconstruction efforts as the country seeks greater stability.
Leave a comment