Libya is to sign a 25-year oil development agreement on Saturday with Frances TotalEnergies and US-based ConocoPhillips, involving more than 20 billion in foreign-financed investment and aimed at boosting production capacity by up to 850 000 barrels per day, Prime Minister Abdulhamid al-Dbeibah said.
Signed through Waha Oil Company, a subsidiary of Libyas state-run National Oil Corporation, the deal is expected to generate net revenues of more than 376 billion, Dbeibah said in a post on X.
Dbeibah said that Libya will also sign a memorandum of understanding with US oil major Chevron and a cooperation agreement with Egypts oil ministry.
