French energy company TotalEnergies has officially extended its Waha oil concessions in Libya until December 31, 2050. The agreement was finalized on January 24 during the Libya Energy & Economy Summit in Tripoli. Patrick Pouyanné, CEO of TotalEnergies, signed the contract in the presence of key Libyan officials, including Abdul Hamid Dbeiba, Prime Minister of Libya’s Government of National Unity. The country’s Minister of Oil and Gas and the Chairman of the National Oil Corporation (NOC) were also present. The extension is expected to bring new fiscal terms designed to boost production from the existing concessions, which currently yield about 370,000 barrels of oil equivalent per day.
This move marks another milestone in the long-standing relationship between TotalEnergies and Libya. The company has been active in the country since 1956, playing a significant role in its energy sector for nearly seven decades. According to Patrick Pouyanné, this agreement aligns with TotalEnergies’ strategy to focus on low-cost and low-emission resources. The extension is seen as a commitment to continue supporting Libya’s energy industry while also pursuing sustainable and responsible operations.
New Investments and Production Expansion Plans Announced
The extension agreement is not just a renewal of existing rights; it also paves the way for substantial new investments in Libyan oil infrastructure. One of the most notable projects is the planned development of the North Gialo field. This field alone is expected to add up to 100,000 barrels of oil equivalent per day to the Waha concessions’ production capacity. Such an increase would significantly strengthen both TotalEnergies’ output in Libya and the country’s overall oil production figures.
The Waha concessions are operated by Waha Oil Company, which is fully owned by Libya’s NOC. Ownership stakes are divided among NOC (59.16%), TotalEnergies (20.42%), and ConocoPhillips (20.42%). This partnership structure ensures that both international expertise and national interests are represented in managing one of Libya’s key energy assets. The new fiscal terms outlined in the agreement aim to create an environment that encourages further investment and operational efficiency.
Strategic Importance for TotalEnergies and Libya’s Energy Sector
TotalEnergies’ continued presence in Libya highlights the country’s significance as a strategic hub for global energy markets. In 2025, TotalEnergies’ production in Libya averaged around 113,000 barrels of oil equivalent per day from its shares in various fields, including offshore Al Jurf, onshore El Sharara, and the Waha concessions. These operations underline the company’s commitment to maintaining a diverse portfolio and supporting stable energy supplies.
Libya’s government has welcomed this agreement as a step toward strengthening its partnership with international companies. The country aims to use such collaborations to attract more foreign investment and modernize its energy sector infrastructure. For TotalEnergies, access to “low cost and low emission giant resources” fits into its broader corporate strategy of balancing economic growth with environmental responsibility.
Broader Implications for Regional Stability and Energy Markets
The extension comes at a time when global energy markets are facing increased volatility due to geopolitical tensions and shifting demand patterns. By securing long-term rights to one of North Africa’s most productive oil assets, TotalEnergies sends a signal of confidence in Libya’s potential for stability and growth. This could encourage other international companies to consider similar investments in the region.
For Libya, maintaining robust partnerships with companies like TotalEnergies is vital for rebuilding its economy after years of conflict and uncertainty. The anticipated rise in oil output from projects like North Gialo can provide much-needed revenue for national development efforts. Moreover, modernizing operational standards through partnerships with experienced multinationals can help improve efficiency and environmental performance across Libya’s oil industry.
