Libya has signed a 25-year oil development agreement with France’s TotalEnergies and US-based ConocoPhillips, involving over $20 billion in foreign investment, Prime Minister Abdulhamid al-Dbeibah announced. The deal, signed through Waha Oil Company, aims to increase production capacity by up to 850,000 barrels per day (bpd) and generate $376 billion in net revenues.

Waha’s daily output typically ranges from 340,000 to 400,000 bpd. The company operates five main oil and gas fields and several producing subfields, connected to the Sidra oil terminal and gas processing facilities.

The government also signed agreements with Chevron and Egypt’s oil ministry during the Libya Energy and Economy Summit. These deals reflect Libya’s strengthening relations with international energy partners.

Libya, a major African oil producer and OPEC member, will announce the results of its first oil exploration bidding round in 17 years on February 11. Foreign investors have been cautious due to Libya’s post-Gaddafi instability and revenue disputes.