Libya Secures $20 Billion Oil Deal with TotalEnergies and ConocoPhillips
In a major breakthrough for Libya's economy, the country has signed a historic 25-year oil deal with French energy giant TotalEnergies and US-based ConocoPhillips. The agreement, worth over $20 billion in foreign investments, is set to boost oil production capacity by up to 850,000 barrels per day.Libya's Prime Minister Announces the Deal
Libyan Prime Minister Abdul Hamid Dbeibah made the announcement during the Libya Energy and Economy Summit in Tripoli on Saturday. The summit brought together key stakeholders, including government officials, energy experts, and international investors.
Waha Oil Company to Facilitate the Deal
The agreement was signed through Waha Oil Company, a subsidiary of Libya's state-run National Oil Corporation. This partnership is expected to generate over $376 billion in net revenues for the country.
Boosting Oil Production Capacity
According to Prime Minister Dbeibah, the new agreement should increase oil production capacity by up to 850,000 barrels per day. This significant boost will not only enhance Libya's energy output but also contribute to the country's economic growth.
The signing of this historic deal marks a major milestone for Libya's economy and its efforts to revitalize its oil industry. With TotalEnergies and ConocoPhillips on board, the country is poised to reap significant benefits from this partnership, including increased revenue and enhanced energy production capacity.
