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Libya Finalizes Major Energy Deals at LEES Summit
(MENAFN) Libya finalized multiple high-stakes energy agreements Saturday designed to surge oil production, unlock foreign capital, and forge stronger alliances with multinational corporations.
The pacts were executed during the Libya Energy and Economy Summit (LEES) 2026 in Tripoli, as the nation intensifies efforts to attract global energy titans and reform its investment landscape.
Hosted by Africa-specialized investment firm Energy Capital & Power, the three-day conference convened for its fourth iteration with backing from Libya's Prime Ministry, the Ministry of Oil and Gas, the National Oil Corporation (NOC), and the Renewable Energy Authority of Libya.
Among the landmark transactions, NOC formalized a first amendment to the Waha concession contract with France's TotalEnergies and American giant ConocoPhillips.
Libyan Prime Minister Abdulhamid Dbeibeh, NOC acting chairman Masoud Suleiman, TotalEnergies CEO Patrick Pouyanne, and ConocoPhillips CEO Ryan M. Lance executed the modification.
The revised framework aims to cement sustained capital deployment and drive elevated production at Waha—among Libya's most vital petroleum-generating zones.
Output throughout the Waha concession—encompassing the Gialo, Samah, Dahra and Bahi fields—hit approximately 375,000 barrels daily in 2025, representing roughly 22% of Libya's aggregate crude production. Officials target expansion to 600,000-700,000 barrels per day within the medium-term horizon.
Waha Oil Company operates the concession with NOC controlling a 59.18% interest, while TotalEnergies and ConocoPhillips each maintain 20.41% ownership stakes.
Egypt, France Cooperation Expands
In a parallel development, Libya and Egypt formalized a memorandum of understanding (MoU) to broaden technical collaboration, workforce development, and institutional alignment across the petroleum sector. Libyan Oil and Gas Minister Khalifa Abdulsadek and Egypt's Minister of Petroleum and Mineral Resources Karim Badawi signed the framework.
The MoU encompasses upstream, midstream and downstream operations, spanning production enhancement, personnel training, and knowledge transfer initiatives.
Libya additionally executed a distinct MoU with Chevron to evaluate prospective exploration and extraction opportunities.
The pacts were executed during the Libya Energy and Economy Summit (LEES) 2026 in Tripoli, as the nation intensifies efforts to attract global energy titans and reform its investment landscape.
Hosted by Africa-specialized investment firm Energy Capital & Power, the three-day conference convened for its fourth iteration with backing from Libya's Prime Ministry, the Ministry of Oil and Gas, the National Oil Corporation (NOC), and the Renewable Energy Authority of Libya.
Among the landmark transactions, NOC formalized a first amendment to the Waha concession contract with France's TotalEnergies and American giant ConocoPhillips.
Libyan Prime Minister Abdulhamid Dbeibeh, NOC acting chairman Masoud Suleiman, TotalEnergies CEO Patrick Pouyanne, and ConocoPhillips CEO Ryan M. Lance executed the modification.
The revised framework aims to cement sustained capital deployment and drive elevated production at Waha—among Libya's most vital petroleum-generating zones.
Output throughout the Waha concession—encompassing the Gialo, Samah, Dahra and Bahi fields—hit approximately 375,000 barrels daily in 2025, representing roughly 22% of Libya's aggregate crude production. Officials target expansion to 600,000-700,000 barrels per day within the medium-term horizon.
Waha Oil Company operates the concession with NOC controlling a 59.18% interest, while TotalEnergies and ConocoPhillips each maintain 20.41% ownership stakes.
Egypt, France Cooperation Expands
In a parallel development, Libya and Egypt formalized a memorandum of understanding (MoU) to broaden technical collaboration, workforce development, and institutional alignment across the petroleum sector. Libyan Oil and Gas Minister Khalifa Abdulsadek and Egypt's Minister of Petroleum and Mineral Resources Karim Badawi signed the framework.
The MoU encompasses upstream, midstream and downstream operations, spanning production enhancement, personnel training, and knowledge transfer initiatives.
Libya additionally executed a distinct MoU with Chevron to evaluate prospective exploration and extraction opportunities.
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