French oil major TotalEnergies, has secured a 50 year license extension with Waha Oil, a subsidiary of Libya’s National Oil Corporation (NOC), to continue operating key oil fields in the country.
The company said on Monday that the agreement is expected to raise production levels and unlock fresh investments in Libya’s oil sector, which has suffered years of underinvestment and instability.
Waha Oil operates several major oil fields, including Waha, Samah, Dahra, and Gialo, which are among Libya’s most important onshore assets.
TotalEnergies said the renewed concession also covers the development of the North Gialo field, which is projected to add around 100,000 barrels of oil equivalent per day boe d to output.
Under normal operations, Waha currently produces about 300,000 barrels per day bpd.
A statement by the state-owned oil firm on Saturday said production could rise to more than 800,000 bpd under the new agreement once planned investments are completed.
Concession extended by 25 years
Earlier on Saturday, Reuters reported that the initial concession involving Waha Oil, TotalEnergies, and U.S. oil major ConocoPhillips was initially expected to run for 25 years.
According to the report, the agreement would have attracted more than $20 billion in foreign financed investment into Libya’s oil sector.
However, TotalEnergies clarified on Monday that the final agreement follows a different financing structure.
The French energy firm did not confirm whether ConocoPhillips remains part of the revised deal.
On his part, Libya’s prime minister, Abdulhamid al Dbeibah, said the agreement signals renewed confidence by international investors in the country.
“It reflects the strengthening of Libya’s relations with its largest and most influential international partners in the global energy sector,” Dbeibah said.
TotalEnergies’ footprint in Libya
TotalEnergies has operated in Libya for decades and remains one of the largest international oil companies active in the country.
The company holds interests in several onshore and offshore assets, mainly through partnerships with the National Oil Corporation and its subsidiaries.
Despite political instability and security challenges, TotalEnergies has continued to maintain its operations and workforce in Libya.
The latest license extension further strengthens the company’s long term presence and positions it to play a key role in boosting Libya’s oil output.
Other investments in Libya oil sector
Separately, Masoud Suleman, acting chairman of the National Oil Corporation, said the results of Libya’s first oil exploration bidding round in more than 17 years would be announced on February 11.
He made the remarks during the Libya Energy and Economy Summit currently taking place in Tripoli.
During the summit, the Libyan government also signed a memorandum of understanding with U.S. oil major Chevron.
In addition, Libya entered into a cooperation agreement with Egypt’s oil ministry, signaling broader efforts to attract foreign investment and regional partnerships.
Libya is one of Africa’s largest oil producers and a member of the Organization of the Petroleum Exporting Countries (OPEC).
The country has been working to improve security conditions and revive its energy sector to draw in foreign investors.
