Libya signs 25-year agreement with TotalEnergies and ConocoPhillips that will bring in over $20 billion of investment

Libya's Prime Minister Abdulhamid al-Dbeibah announced that the country will sign on Saturday a 25-year agreement with TotalEnergies of France and ConocoPhillips in the United States. The deal involves more than $20 billion dollars worth of foreign-financed investments and is aimed at increasing production by as much as 850,000 barrels a day.

Dbeibah stated in a X post that the deal was signed through a subsidiary,?Waha Oil Company. This company is a state-run 'National Oil Corporation.

Dbeibah stated that "Libya" will also "sign a Memorandum of Understanding with U.S. Oil Major Chevron, and a Cooperation Agreement with Egypt's Oil Ministry."

Libya is Africa's largest oil producer, but production has been interrupted repeatedly over the past decade, since the country was split into rival authorities in the east and the west after the NATO-backed uprising which?toppled Muammar Gadhafi.

Dbeibah stated that the agreements represent "the strengthening of Libya's relationships with its most influential international partners in global energy sectors... resulting in additional resources for national economy."

(source: Reuters)