Libya Oils Up Ties With ConocoPhillips and TotalEnergies for Nifty Sum of $20B

On 24 January 2026, at the opening of the Libya Energy and Economy Summit in Tripoli, Libyan PM Adulhamid al-Dbeibah announced that the Waha Oil Company of Libya signed agreements with oil majors TotalEnergies and ConocoPhillips. The development agreement involves a combined Foreign Direct Investment (#FDI) for a concession period of 25 years.

ConocoPhillips (NYSE: COP) CEO Ryan Lance, TotalEnergies (EPA:TTE) CEO Patrick Pouyanne, and Special Advisor on African Affairs to the US President Massad Boulors were all present at the signing ceremony.

Waha is a subsidiary of Libya’s National Oil Corporation and is thus a state-owned enterprise. Libya is a member of the Organization of the Petroleum Exporting Countries (OPEC) and is one of Africa’s largest oil producers, along with Nigeria and Angola.

During the Summit, the Acting Chair of the National Oil Corporation of Libya (NOCLibya) also announced that Livy will release the results of the oil exploration bidding on 11 February 2026. This bidding round comes after 17 years after the last one due to the uncertainty which Libya experienced for a number of years after the fall of Gadhafi.

The JV is expected to generate revenues in excess of USD 376 billion over the term of the partnership based on today’s oil price. In addition, PM Dbeibah revealed that Libya is in talks with Chevron (NYSE:CVX) and the Egyptian Ministry of Oil and hopes to finalize a partnership soon.

With the support of TotalEnergies and ConocoPhillips, Waha aims to boost oil production from 400,000 to 850,000 barrels per day (bpd). In another deal between TotalEnergies and Saga Petroleum over the C17 block at the Mabruk oil field, which is 130 kilometers south of Sirte, to bring production up to 25,000 bpd.