Tripoli: Libyan Prime Minister Abdulhamid Al Dbeibah announced on Saturday that Libya has signed a 25-year agreement to develop its oil sector with French company TotalEnergies and American company ConocoPhillips, as part of foreign investments exceeding USD 20 billion.

According to Qatar News Agency, Al Dbeibah explained that the agreement was signed through Waha Oil Company, affiliated with the National Oil Corporation, and aims to increase oil production capacity to 850,000 barrels per day, with expected net revenues for the state exceeding USD 376 billion.

He added that Libya will also sign a memorandum of understanding with the American company Chevron, along with a cooperation agreement with Egypt's Ministry of Petroleum, as part of efforts to expand international partnerships in the energy sector.

Libya is one of Africa's largest oil producers, although its production has faced repeated disruptions over the past decade, particularly since 2014.

Al Dbeibah stressed that these agreements reflect Libya's strengthening ties with key international partners in the global energy sector, contributing to additional resources and supporting the national economy.