TRIPOLI: Libya will sign a 25-year oil development agreement on Saturday with France’s TotalEnergies and US-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.
A Waha source said the company’s daily output typically ranges between 340,000 and 400,000 bpd under normal operations.
Waha, a subsidiary of Libya’s state-run National Oil Corporation, operates five main oil and gas fields as well as several producing subfields, connected by pipeline networks that transport crude to the Sidra oil terminal and gas to processing facilities.
Dbeibah said Libya will also sign a memorandum of understanding with US oil major Chevron and a cooperation agreement with Egypt’s oil ministry.
The deals are set to be signed during the Libya Energy and Economy Summit being held in Tripoli.
The agreements reflect “the strengthening of Libya’s relations with its largest and most influential international partners in the global energy sector,” Dbeibah said.
Libya is one of Africa’s biggest oil producers, but output has been disrupted repeatedly in the chaotic decade since 2014, when the country split between rival authorities in the east and west following an uprising that toppled Muammar Qaddafi.
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Libya to sign 25-year oil deal with TotalEnergies and ConocoPhillips
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Libya to sign 25-year oil deal with TotalEnergies and ConocoPhillips
- Signed through Waha Oil Company, the deal is aimed at boosting production capacity
- The company’s daily output typically ranges between 340,000 and 400,000 bpd
Iran urges US to drop ‘excessive demands’ to reach deal
- Longtime adversaries Iran and the United States held their third round of Omani-mediated nuclear talks on Thursday in Geneva
- Both Iran and Oman cited progress after the talks, with technical discussions scheduled for Monday in Vienna
TEHRAN: Iran’s Foreign Minister Abbas Araghchi said on Friday that in order to reach a deal, the United States will have to drop its “excessive demands,” after the two sides held talks in Geneva.
In a phone call with Egypt’s top diplomat Badr Abdelatty, Araghchi said “success in this path requires seriousness and realism from the other side and avoidance of any miscalculation and excessive demands.”
Araghchi did not clarify what demands he was referring to, but Washington has pointed to Iran’s ballistic missile program and has repeatedly described Tehran’s uranium enrichment capability as a red line.
US President Donald Trump said on Wednesday that Tehran had “already developed missiles that can threaten Europe and our bases overseas, and they’re working to build missiles that will soon reach the United States of America.”
Also on Wednesday, US Secretary of State Marco Rubio said Iran is “not enriching right now, but they’re trying to get to the point where they ultimately can,” adding that Tehran “refuses” to discuss its ballistic missile program and “that’s a big problem.”
Iran has repeatedly said its missile program is part of its defensive capabilities and has ruled out abandoning uranium enrichment, insisting its nuclear program is solely for peaceful purposes.
Longtime adversaries Iran and the United States held their third round of Omani-mediated nuclear talks on Thursday in Geneva, seeking to avert military escalation as Washington expands its military build-up in the region.
Both Iran and Oman cited progress after the talks, with technical discussions scheduled for Monday in Vienna ahead of a fourth round expected next week.
In a phone call with Egypt’s top diplomat Badr Abdelatty, Araghchi said “success in this path requires seriousness and realism from the other side and avoidance of any miscalculation and excessive demands.”
Araghchi did not clarify what demands he was referring to, but Washington has pointed to Iran’s ballistic missile program and has repeatedly described Tehran’s uranium enrichment capability as a red line.
US President Donald Trump said on Wednesday that Tehran had “already developed missiles that can threaten Europe and our bases overseas, and they’re working to build missiles that will soon reach the United States of America.”
Also on Wednesday, US Secretary of State Marco Rubio said Iran is “not enriching right now, but they’re trying to get to the point where they ultimately can,” adding that Tehran “refuses” to discuss its ballistic missile program and “that’s a big problem.”
Iran has repeatedly said its missile program is part of its defensive capabilities and has ruled out abandoning uranium enrichment, insisting its nuclear program is solely for peaceful purposes.
Longtime adversaries Iran and the United States held their third round of Omani-mediated nuclear talks on Thursday in Geneva, seeking to avert military escalation as Washington expands its military build-up in the region.
Both Iran and Oman cited progress after the talks, with technical discussions scheduled for Monday in Vienna ahead of a fourth round expected next week.
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