(Libya, 26th) Libyan Prime Minister Abdul Hamid Dbeibeh of the Government of National Unity announced that Libya has signed a 25-year oil development agreement with France’s TotalEnergies and the US’s ConocoPhillips, with a total investment exceeding USD 20 billion (approximately MYR 80.069 billion).
Dbeibeh announced this news during the 4th Libya Energy & Economic Summit held in the Libyan capital, Tripoli.
The agreement will enable Waha Oil Company to increase its daily production by up to 850,000 barrels, and it is expected to bring Libya more than USD 376 billion in net revenue during the agreement period.
Libya is one of Africa's largest oil producers and a member of OPEC. Oil and natural gas exports are Libya’s main source of income. For years, ongoing wars and division have seriously affected the country’s oil production and exports.