Libya signs energy agreement with France and the United States worth $376 billion in revenues
Libya’s government on Saturday signed an energy deal with France’s TotalEnergies and ConocoPhillips worth $20 billion, with its financial revenues expected to exceed $376 billion.
The 25-year agreement is expected to increase the country’s production capacity to 850,000 barrels of oil per day.
In addition to this agreement, Libya also signed a memorandum of understanding with Chevron company and a memorandum of cooperation with the Egyptian Ministry of Oil.
In a post on X, Libyan Prime Minister Abdelhamid Dbeibeh said that this agreement and the two memorandums of understanding and cooperation are a qualitative and unique achievement that reflects the strengthening of relations with the largest, heaviest and most influential international partners in the energy sector globally.
He added that the agreement and the two memorandums will expand the paths of cooperation and investment, in order to achieve additional resources for the country’s economy, jobs and job opportunities, better services, and financial stability that is directly reflected on the income and livelihood of citizens.
The Energy and Economy Summit kicked off in Tripoli on Saturday, which will continue until next Monday, and will witness the participation of 19 French companies, 17 US companies, 16 British companies, 6 Italian companies, and 4 Turkish companies.
In a speech at the opening of the summit, US President Donald Trump’s Senior Advisor for Arab and African Affairs, Massad Boulos, said that “US companies support Libya’s ambitious goals to reach the production of 3 million barrels of oil per day, and bring unique technologies and competencies to achieve this goal”.
Boulos added that Libya stands on the threshold of an opportunity to transform and transform its extraordinary wealth into wealth and prosperity through partnership with the United States, noting that his participation in the summit is a message from President Donald Trump about readiness to work with Libya and support its success to reach advanced levels in various fields.
According to the National Oil Corporation in Libya, the average daily production of crude oil increased during 2025 to 501 million barrels, and the average production rates compared to the past ten years witnessed an increase of 1.374 million barrels per day.
