Libya announced Saturday it had signed an oil agreement exceeding $20 billion to dramatically expand production over the next quarter century.
The deal with TotalEnergies and ConocoPhillips aims to lift output by 850,000 barrels daily, reshaping Libya’s energy future.
Prime Minister Abdulhamid Dbeibah said the agreement could generate more than $370 billion in revenues across its 25-year lifespan.
He stressed the project is fully financed outside the state budget, easing pressure on public finances and signalling investor confidence.
The announcement came as the Libya Energy and Economic Summit opened in Tripoli, drawing regional leaders and senior international officials.
Among them was US President Donald Trump’s Middle East adviser Massad Boulos, alongside delegations from Turkey and Egypt.
Dbeibah said Libya would also sign a separate deal with Chevron covering exploration, production development, and long-term technical cooperation.
Another agreement with Egypt will support oilfield services, reinforcing regional ties in an industry long strained by uncertainty.
Libya currently produces about 1.5 million barrels daily, atop Africa’s largest proven reserves estimated at 48.4 billion barrels.
Yet years of division and insecurity have battered the sector since the 2011 uprising that toppled longtime ruler Moamer Kadhafi.
The country remains split between a UN-recognised government in Tripoli and an eastern administration led by Khalifa Haftar.
Boulos described the summit as a gateway for Libya to reclaim its place as a global energy power.
National Oil Corporation chief Masoud Suleman said a new licensing round for oil and gas exploration would be launched next month.
The move marks Libya’s first major tender since 2007, as authorities court global energy giants back to its vast deserts.