Summary:

During the 24 – 26 January 2026 Libya Energy and Economy Summit (LEES) in Tripoli, Libya, multiple international energy initiatives were announced as part of efforts to revitalize the country’s oil and gas sector amid ongoing political and security challenges. 

A centerpiece of the summit was a 25-year, $20 billion development agreement signed on 24 January between Libya’s Waha Oil Company (a Libyan National Oil Company (NOC) subsidiary) and international oil majors TotalEnergies and ConocoPhillips.  

The deal extends Waha concessions until 2050, introduces new fiscal terms, and finances the rehabilitation of mature fields to increase output from 340,000–400,000 barrels per day (bpd) to up to 850,000 bpd, including 100,000 bpd from the North Gialo field. Libyan officials project this could generate over $376 billion in net revenues, helping national production approach 2 million bpd. 

TotalEnergies also announced the restart of the Mabrouk oil field with Saga Petroleum, with a new 25,000 bpd facility set for early production by late February or early March 2026, incorporating gas recovery for reduced emissions.  

Numerous US companies were represented at the conference, with ConocoPhillips renegotiating Waha terms, Chevron signing a potential return MoU, and SLB deploying AI-driven technologies to help NOC reach 1.6 million bpd by the end of 2026. 

Regionally, NOC signed an MoU with Egypt’s petroleum engineering company Petrojet on 25 January covering exploration, production, refining, petrochemicals, and technical training, supporting infrastructure and Egypt’s role as an energy hub.  

Moreover, Spanish firm Repsol announced plans to increase production at El Sharara and participate in Libya’s first licensing round in 17 years, covering 22 blocks with awards expected in February 2026. 

The summit revealed that Libya aims to drill 70–100 wells in 2026, with $3–4 billion in annual investment, while boosting gas production to 700–750 million standard cubic feet per day for domestic power and emissions reduction. Diversification efforts also included a 100 MW solar project with US firm W16 and the Renewable Energy Authority of Libya, supporting Libya’s 2023–2035 strategy to integrate 10–20% renewables. 

Outlook: 

With the LEES 2026 summit, Libya took concrete steps to advance its long-term strategy of revitalization and expansion of its oil and gas sector. The strong presence of international energy companies suggests that Libya continues to be viewed as a key global energy player despite years of disruption. 

However, persistent political instability, stalled electoral processes, fragmented governance, and recurring militia clashes around strategic oil fields remain major obstacles to the effective implementation of these agreements.  

At the same time, the sustained engagement of international actors, particularly the United States under the administration of President Donald Trump, reflects growing external pressure for Libya to establish a more unified and predictable political and security framework capable of supporting long-term investments. 

Explore our services or speak with our team of North Africa-based risk experts.