View of pipelines at the Zueitina oil terminal west of Benghazi, Libya, February 3, 2020. Photographed on February 3, 2020.
Essam Omran Alfetri | Reuters
Libya is scheduled to sign a 25-year oil development agreement with France on Saturday. total energy and based in the US conocophilipsPrime Minister Abdulhamid al-Dbeibah said more than $20 billion of foreign financial investment was involved.
The deal, signed through Waha Oil Company, aims to increase production capacity by up to 850,000 barrels per day and is expected to generate net proceeds of more than $376 billion, Dbeibah said in a post on X.
Waha officials said the company’s daily production during normal operations typically ranges from 340,000 to 400,000 barrels per day.
Waha, a subsidiary of Libya’s National Oil Corporation, operates five major oil and gas fields, as well as several production subfields, connected by a pipeline network that transports crude oil to the Sidra oil terminal and gas to processing facilities.
Dbeibah said Libya would also sign a memorandum of understanding with the US oil major. chevron and a cooperation agreement with the Egyptian Ministry of Oil.
These agreements are expected to be signed during the ongoing Libyan Energy and Economic Summit in Tripoli.
Dbeibah said these agreements reflect “Libya’s strengthening ties with the largest and most influential international partners in the world’s energy sector.”
Libya is one of Africa’s biggest oil producers, but production has been repeatedly disrupted in the chaotic decade since 2014, when the uprising that toppled Muammar Gaddafi split the country into rival eastern and western authorities.
