Libya extends Waha oil concessions to 2050

Libya has extended the Waha oil concessions until the end of 2050 under an agreement signed with TotalEnergies and ConocoPhillips, in a move aimed at supporting higher production and attracting long-term foreign investment into the country’s energy sector.

The agreement introduces revised fiscal terms designed to encourage increased investment and raise output from fields currently producing about 370,000 barrels of oil equivalent per day (boe/d). TotalEnergies said the new framework is expected to enable further development of the North Gialo field, which could add up to 100,000 boe/d.

“Extending the Waha concession, with its low-cost and low-emission giant resources offering many opportunities to grow production, fits perfectly with our strategy,” TotalEnergies Chief Executive Patrick Pouyanné said in a statement, noting the company’s long-standing presence in Libya.

In 2025, TotalEnergies’ net production in Libya averaged around 113,000 boe/d. The Waha concessions are owned by Libya’s National Oil Corporation, which holds 59.16%, alongside TotalEnergies and ConocoPhillips, each with 20.42%. The assets are operated by Waha Oil Company, a wholly owned subsidiary of the NOC.

Libyan Prime Minister Abdul Hamid Al-Dbeibeh said the concession extension is expected to represent around $20 billion in foreign investment. Speaking at the Libya Energy and Economic Summit in Tripoli, he said the investment would be used to modernise upstream infrastructure and raise production from the Waha concessions towards 850,000 barrels per day over the medium term.

“These steps confirm Libya’s seriousness in opening its oil and gas sector to credible international partners and improving the investment environment,” Al-Dbeibeh said.

During the summit, Libya also signed a memorandum of understanding with Chevron to assess potential exploration and development opportunities, marking the company’s return to Libya after more than a decade.

In addition, Libya and Egypt signed an oil and gas cooperation agreement aimed at strengthening coordination on energy security and infrastructure development.

Al-Dbeibeh said Libya’s oil and gas sector was entering a new phase of recovery, supported by rising production and renewed international engagement. Crude oil output exceeded 1.4 million barrels per day in 2025, while total hydrocarbon production surpassed 1.52 million boe/d in early 2026. Oil revenues reached approximately $21.9 billion last year, an increase of about 15% compared with 2024.

He also highlighted an $8 billion offshore gas project with Eni, scheduled to begin production in 2026 and expected to add around 750 million standard cubic feet per day of gas supply.

Libya’s first major oil and gas licensing round in more than 17 years, launched in March 2025, includes 22 onshore and offshore blocks offered under revised fiscal and profit-sharing terms. Al-Dbeibeh said the results of the round are expected to be announced in February 2026.