BBC World Service via flickr
TotalEnergies and ConocoPhillips are among the participants in this project, alongside Libya's state-owned National Oil Company (NOC).
The agreement outlines foreign investment of more than $20 billion over a period of 25 years, as announced by Libyan Prime Minister Abdul Hamid Dbeibeh.
TotalEnergies has announced the signing of an agreement with Libya that extends the concessions for the Waha project until December 31, 2050.
Dbeibeh shared on social media that the agreement will increase the project's production capacity to 850,000 barrels of oil equivalent per day and will generate net revenues of over $376 billion throughout the project's duration.
The agreement with Libyan authorities was signed on January 23 during the Libya Energy & Economic Summit in Tripoli. It outlines the development of four oil fields within the country and includes an exploration program covering 19 concession areas.
source: reuters.com
The agreement outlines foreign investment of more than $20 billion over a period of 25 years, as announced by Libyan Prime Minister Abdul Hamid Dbeibeh.
TotalEnergies has announced the signing of an agreement with Libya that extends the concessions for the Waha project until December 31, 2050.
Dbeibeh shared on social media that the agreement will increase the project's production capacity to 850,000 barrels of oil equivalent per day and will generate net revenues of over $376 billion throughout the project's duration.
The agreement with Libyan authorities was signed on January 23 during the Libya Energy & Economic Summit in Tripoli. It outlines the development of four oil fields within the country and includes an exploration program covering 19 concession areas.
source: reuters.com