Libya has entered into a long-term oil investment agreement valued at more than 20 billion dollars, marking one of the country’s most significant energy deals in years. The partnership brings together leading international oil companies and is designed to expand production capacity while strengthening Libya’s position in global energy markets.
The agreement was announced at a major energy summit in the capital and is set to run for 25 years, signaling renewed confidence from foreign investors in Libya’s oil sector.
Boosting Production and Long-Term Revenue
Under the new arrangement, investments will be channeled through a joint operating company linked to Libya’s national oil industry. Authorities say the project could raise the country’s oil production capacity to as much as 850,000 barrels per day over time.
Officials also estimate that the deal could generate hundreds of billions of dollars in net revenue across its lifespan, providing a crucial source of income for the Libyan economy and public finances.
Record Output and Expansion Plans
The agreement comes as Libya reports its strongest oil output in more than a decade. Government figures show national production reached around 1.37 million barrels per day last year, reflecting improved stability in key producing regions.
Energy officials say future growth will focus on developing both new oil fields and enhancing output from existing ones. By advancing these projects simultaneously, the government aims to sustain production gains and offset natural declines in mature fields.
Broader Energy Cooperation
In addition to the long-term oil deal, Libya has signed new cooperation agreements with other international and regional energy partners, expanding its network of strategic relationships. These moves follow the launch of the country’s first oil and gas exploration licensing round in nearly two decades.
Authorities say results from the exploration program are expected soon, potentially opening the door to further investments. Together, these initiatives highlight Libya’s push to revitalize its energy sector, attract foreign capital, and secure long-term growth after years of disruption.
