Libya signed a 25-year oil development agreement on Saturday with France’s TotalEnergies and U.S.-based ConocoPhillips, involving more than $20 billion ‌in foreign-financed investment, Prime Minister Abdulhamid al-Dbeibah said.

Signed through Waha Oil Company, the deal is aimed at boosting production capacity by up to 850,000 barrels per day (bpd) and is expected to generate net revenues of more than $376 ‌billion, Dbeibah said in a post on X.

The agreement reflects “the strengthening of Libya’s relations with its largest and most influential international partners in the global energy sector,” Dbeibah said on X.

The Libyan prime minister also revealed that the country’s oil output reached its highest level in 12 years in 2025, climbing to 1.37 million barrels per day. 

“We will do our best to bring in the green fields and then also to focus on the brown fields as part of the production enhancement and hopefully by getting both going simultaneously, we’ll be able to increase the oil production,” said Bachir Brahim Bazzazi, the first adviser to the managing director of TotalEnergies’ Libyan subsidiary.

The government also signed a memorandum of understanding with ‍US oil giant Chevron and a cooperation agreement with Egypt’s oil ministry.

Last year also saw Libya launch its first oil and natural gas exploration licensing round in 17 years. Results from this exploration should be announced in February, according to Dbeibah.