Toatal officially signed the agreement extending its Waha Concessions in Libya until December 31, 2050, on 24 January 2026. Signed during the Libya Energy & Economy Summit in Tripoli, the deal secures the company’s long-term presence in the country’s oil sector.
The extension introduces revised fiscal terms designed to increase output from the current 370,000 barrels of oil equivalent per day (boepd).
The agreement paves the way for a new investment phase, specifically the development of the North Gialo field, which is expected to add 100,000 boepd to production capacity.
The Waha Concessions are a joint venture between Libya’s state-owned National Oil Corporation (NOC) (59.16%), TotalEnergies (20.42%), and ConocoPhillips (20.42%).
Economic Impact: The project is part of a broader plan involving over $20 billion in foreign-financed investment, aimed at eventually raising Waha’s total production capacity to 850,000 boepd.
The agreement was signed by TotalEnergies CEO Patrick Pouyanné in the presence of Libyan Prime Minister Abdul Hamid Dbeiba.
Note by Alessandro Bazzoni