The 25-year agreement, signed through Waha Oil Company, is expected to significantly increase Libya’s crude production capacity by up to 850,000 barrels per day, according to Prime Minister Abdulhamid al-Dbeibah. He disclosed that the project could generate net revenues exceeding $376 billion over its lifespan.
Waha Oil Company, a subsidiary of Libya’s state-owned National Oil Corporation (NOC), currently produces between 340,000 and 400,000 barrels per day under normal operating conditions. The company operates five major oil and gas fields, alongside several subfields, all linked by pipeline networks transporting crude oil to the Sidra export terminal and natural gas to processing facilities.
Beyond the Waha deal, the Libyan government also signed a memorandum of understanding with U.S. oil giant Chevron, as well as a cooperation agreement with Egypt’s Ministry of Petroleum. These agreements were concluded during the ongoing Libya Energy and Economy Summit in Tripoli.
Prime Minister Dbeibah described the deals as a reflection of strengthening ties between Libya and key global energy players, noting that they signal renewed international confidence in the country’s energy potential.
In a related development, Masoud Suleman, acting chairman of the National Oil Corporation, announced that the results of Libya’s first oil exploration licensing round in over 17 years would be unveiled on February 11. The bidding round is seen as a crucial step in attracting fresh investment into the sector.
Libya, one of Africa’s largest oil producers and a member of the Organization of the Petroleum Exporting Countries (OPEC), holds vast hydrocarbon reserves. However, foreign investment has been limited in recent years due to prolonged instability following the 2011 overthrow of longtime leader Muammar Gaddafi. Persistent political divisions and clashes between armed factions over control of oil revenues have frequently disrupted production, leading to repeated shutdowns of oilfields.
The latest agreements are widely viewed as a bold attempt by the Libyan authorities to stabilise output, attract foreign capital and restore confidence in the country’s oil and gas industry.