Libya has signed a landmark 25-year extension of the Waha oil concession with TotalEnergies and ConocoPhillips, positioning the North African nation for a dramatic increase in oil production that could see output from the asset surge from 370,000 barrels per day to 850,000 barrels per day over the next five years. The deal, formalized during the Libya Energy and Economic Summit 2026 in Tripoli, represents one of the most significant contractual commitments in Libya’s oil sector since the 2011 revolution.
Dr. Khalifa Abdulsadek, Libya’s Minister of Oil and Gas, announced that the extension involves planned investments of approximately $20 billion with international partners. Speaking at the summit, Minister Abdulsadek emphasized the transformative potential of the agreement, stating that the massive investment will create substantial opportunities for local companies and young professionals entering the industry. The extension provides greater contractual certainty and revisits commercial terms to support reinvestment, positioning the Waha asset for an entirely new phase of production growth.
Libya’s oil production has reached 1.375 million barrels per day, its highest level since 2011, as the country reasserts itself on the global energy stage through rising production, renewed international engagement, and strategic cooperation with regional and international partners. The government has set an ambitious target to reach 2 million barrels per day by 2030, pairing upstream recovery with a more outward-facing policy and investment narrative that signals Libya’s return to international energy markets.
Beyond the Waha extension, Libya is also reopening its upstream frontier through its first licensing round in over 17 years, covering 22 onshore and offshore blocks. Results from this licensing round are expected in February 2026, which will further strengthen national production capacity. Natural gas production is experiencing a parallel resurgence, with output projected to reach 700 to 750 million standard cubic feet per day in 2026, supported by projects led by Eni and the National Oil Company.
Minister Abdulsadek outlined Libya’s long-term energy vision, stating that by 2040, the country plans to increase renewables to 35 percent of its energy mix while using gas more efficiently for both domestic consumption and export. The Waha concession extension demonstrates Libya’s commitment to providing long-term visibility and renewed confidence for existing partners while positioning the country as a strategic hub for regional energy cooperation and international investment.
Source: energycapitalpower.com