During the Energy and Economy Summit held in Tripoli on January 24, TotalEnergies signed a landmark agreement for petroleum contracts extending its exploitation rights over the Waha concessions until December 31, 2050, in collaboration with the National Oil Corporation of Libya (NOC) and under the watchful eye of Prime Minister Abdul Hamid Dbeiba.
Fiscal conditions and development of North Gialo
This agreement establishes new fiscal conditions that will allow for an increase in oil production. oil production in a region in a region that already contributes more than 370,000 barrels of oil equivalent per day. In line with its overall objectives, the company will invest heavily in the development of the North Gialo field, which is projected to produce an additional 100,000 barrels per day.
The extension of these licenses is part of an energy strategy focused on low-cost and low-emission projects, as highlighted by Patrick Pouyanné, President and CEO of TotalEnergies. The executive underscored the company’s long-term commitment in Libya, where it has been operating since 1956.
Oil contracts and participation with NOC and ConocoPhillips
Waha Oil Company, a company operated by NOC, will continue to manage these concessions, in which TotalEnergies and ConocoPhillips each own 20.42%. The renewal not only ensures operational stability, but also strengthens the links between the European energy sector and African resources.
TotalEnergies’ commitment to Libya also confirms the country’s strategic role in its global portfolio. With this move, the company consolidates its position in North Africa, contributing to energy security through sustainable production and strengthened bilateral cooperation.
Geostrategic impact on North Africa.
This agreement represents a key piece in boosting French presence in the African energy market, while promoting a joint development model between international companies and national corporations such as NOC.
Source: TotalEnergies
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