Libya is accelerating efforts to revive its oil and gas sector through revised fiscal terms, expanded international partnerships, and attracting foreign capital. The latest step came on 24 January when the Libyan government signed an agreement with TotalEnergies to extend the Waha concessions through the end of 2050.
The agreement introduces updated fiscal terms designed to support higher investment levels and increased production from assets currently producing about 370,000 BOE/D. TotalEnergies said the deal is expected to include further development of the North Gialo field, which could add up to 100,000 BOE/D of additional production.
“Extending the Waha concession, with its low-cost and low-emission giant resources offering many opportunities to grow production, fits perfectly with our strategy,” Patrick Pouyanné, CEO of TotalEnergies, said in a statement, noting the company has maintained a presence in Libya for 70 years.
In 2025, TotalEnergies’ net production in Libya averaged 113,000 BOE/D across several fields. The Waha concessions are held by Libya’s National Oil Corporation (NOC) (59.16%), TotalEnergies (20.42%), and ConocoPhillips (20.42%) and are operated by Waha Oil Company, a wholly owned subsidiary of NOC.
The concession extension, also signed by ConocoPhillips, is expected to represent about $20 billion in foreign investment, according to Libyan Prime Minister Abdul Hamid Al-Dbeibeh. Speaking at the Libya Energy and Economic Summit in Tripoli on 24 January, Al-Dbeibeh said the capital injection aims to modernize upstream operations and lift national production capacity from the Waha concessions toward 850,000 B/D over the medium term.
“These major milestones demonstrate Libya’s clear commitment to opening its energy sector to serious partners and advancing toward our goal of increased output and improved investment climates,” Al-Dbeibeh said during the event.
The summit also featured the signing of a memorandum of understanding (MOU) with Chevron to assess potential exploration and development opportunities, marking the company’s re-entry into Libya after more than a decade.
In addition, Libya and Egypt signed an oil and gas cooperation MOU, reinforcing regional coordination on energy security and infrastructure development between the two North African countries.
Al-Dbeibeh described Libya’s oil and gas sector as entering a decisive phase of recovery, supported by rising production, renewed exploration activity, and expanding international partnerships. Crude oil output exceeded 1.4 million B/D in 2025, while total hydrocarbon production surpassed 1.52 million BOE/D in early 2026. Oil revenues reached about $21.9 billion in 2025, up 15% year on year.
He also highlighted an $8 billion offshore gas project with Eni, which is scheduled to start up in 2026 and is expected to add about 750 MMscf/D of gas supply.
Al-Dbeibeh confirmed that Libya’s first major oil and gas licensing round in more than 17 years, launched in March 2025, will have its results announced in February 2026. The round includes 22 onshore and offshore blocks offered under revised fiscal and profit-sharing terms aimed at improving competitiveness and sustaining the country’s upstream recovery.
The Libyan government also signed agreements with BP and Shell last year to assess rehabilitation projects in existing fields and look for new prospects
