TotalEnergies Secures Extension of Libya’s Waha Oil Concessions to 2050

TotalEnergies has signed an statement extending the Waha lipid concessions successful Libya done December 31, 2050, securing a semipermanent foothold successful 1 of the country’s astir important producing areas and mounting the signifier for a caller concern cycle.

The woody was signed connected January 24 during the Libya Energy & Economy Summit successful Tripoli by TotalEnergies Chairman and CEO Patrick Pouyanné, successful the beingness of Libyan Prime Minister Abdul Hamid Dbeiba. The hold introduces revised fiscal presumption designed to enactment higher output from the mature but inactive prolific Waha assets.

The Waha concessions presently nutrient astir 370,000 barrels of lipid equivalent per day. Under the caller framework, TotalEnergies and its partners program to beforehand further developments, astir notably the North Gialo field, which is expected to lend an incremental 100,000 boe/d erstwhile brought onstream.

The statement reinforces TotalEnergies’ long-standing beingness successful Libya, wherever it has operated since 1956. Pouyanné described the hold arsenic a earthy acceptable with the company’s upstream strategy, highlighting the Waha assets’ debased outgo operation and comparatively debased emissions intensity, characteristics that marque them competitory wrong the company’s planetary portfolio.

The Waha concessions are held by Libya’s National Oil Corporation (NOC) with a 59.16% stake, alongside TotalEnergies and ConocoPhillips, which each clasp 20.42%. Operations are carried retired by Waha Oil Company, which is afloat owned by NOC, reflecting Libya’s exemplary of state-led assets absorption with planetary partners providing superior and method expertise.

For Libya, the hold is important arsenic it underpins efforts to stabilize and turn lipid output aft years of governmental disruption and underinvestment. Incremental accumulation from projects specified arsenic North Gialo could assistance offset earthy declines elsewhere and enactment authorities revenues successful a state heavy babelike connected hydrocarbons.

In 2025, TotalEnergies’ nett accumulation successful Libya averaged astir 113,000 boe/d, sourced from a premix of offshore and onshore assets including Al Jurf, El Sharara, and Waha. The Waha extension, therefore, represents a worldly constituent of the company’s African upstream exposure.

The woody besides comes amid a broader propulsion by Libya to pull overseas concern backmost into its vigor sector, arsenic planetary producers measurement geopolitical hazard against the country’s large, low-cost reserves. For planetary lipid companies, long-dated concessions with clearer fiscal presumption are captious to justifying capital-intensive developments.