Libya outlined its next upstream phase on day one of the Libya Energy & Economic Summit, with production growth centered on IOC re-entry, gas projects and regional cooperation.
TRIPOLI, Libya: The Libya Energy & Economic Summit (LEES) 2026 opened in Tripoli on Saturday with a series of strategic announcements underlining its renewed upstream momentum and investment appeal. Prime Minister Abdulhamid Al-Dbeibeh confirmed that the country’s first major oil and gas licensing round in more than 17 years – launched in March 2025 – will have its results announced in February 2026. The round, covering 22 onshore and offshore blocks under revised fiscal and profit-sharing terms, is designed to improve competitiveness and support Libya’s push toward higher production and diversified investment.
Prime Minister Al-Dbeibeh framed the summit as a turning point for Libya’s energy sector, highlighting rising output, stronger partnerships and structural reforms. He cited crude oil production exceeding 1.4 million barrels per day (bpd) and total oil equivalent production of more than 1.52 million bpd in early 2026 as evidence of progress following years of disruption.
Waha Re-Entry Agreement: $20B Investment to Boost Output
In one of the summit’s biggest deals, Libya signed a 25-year oil development agreement with France’s TotalEnergies and the U.S.’s ConocoPhillips via Waha Oil Company, backed by more than $20 billion in foreign-financed investment. The deal aims to modernize upstream operations and boost production capacity by up to around 850,000 bpd over the medium term – a major vote of confidence in Libya’s hydrocarbons sector.
The amendment to the Waha re-entry agreement, signed at LEES by TotalEnergies CEO Patrick Pouyanné and ConocoPhillips CEO Ryan M. Lance, reinforces long-term IOC commitment to one of Libya’s most strategic producing assets and is widely viewed as a benchmark for future upstream investment structures.
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