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Libya has signed a landmark energy investment agreement worth more than $20 billion with France’s TotalEnergies and U.S.-based ConocoPhillips to develop two offshore natural gas fields, Prime Minister Abdulhamid Dbeibah announced Saturday.
Speaking at the opening session of the Libya Energy and Economy Summit (LEES) 2026 in Tripoli, Dbeibah said the agreement between Libya’s National Oil Corporation (NOC) and the two energy companies amends existing contracts and will span a period of 25 years.
Dbeibah described the long-term partnership as a central part of Libya’s strategy to revitalize its oil and gas sector while broadening international cooperation.
Dbeibah recalled that Libya conducted its first oil and gas exploration licensing round in 17 years in 2025. The tender attracted substantial interest from international energy firms, and results are expected to be announced in the second week of February, he said.
In addition, Libya will sign a memorandum of understanding with U.S. energy firm Chevron to explore new opportunities in field development and production, Dbeibah stated.
A separate cooperation agreement with Egypt is also expected, covering joint exploration efforts and logistics support in the energy sector.
Dbeibah also pointed out that Libya’s crude oil output rose to 1.37 million barrels per day (bpd) in 2025, its highest level since 2013. The uptick was supported by the activation of several fields across the country, including Iravn, Mutahandush, al-Khayr, Hamada 47 and Sinawan.
This represents a 2.2% increase from 2024, when oil production stood at 1.34 million barrels per day, according to Organization of the Petroleum Exporting Countries (OPEC) data. Libya, a member of OPEC, ranks among the world’s top 20 oil producers, with 48.4 billion barrels of proven crude oil reserves.
The country also has an estimated 1.5 trillion cubic meters of proven natural gas reserves, while its natural gas production reached 16.41 billion cubic meters in 2024, according to the figures.
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