Libya Lands Historic $20 Billion Oil Deal, Eyes Nigeria’s Crown as Africa’s Top Producer
In a landmark move that could reshape Africa’s energy landscape, Libya has secured a $20 billion investment from TotalEnergies and ConocoPhillips in a 25-year partnership designed to catapult the North African nation toward potentially overtaking Nigeria as the continent’s leading oil producer. The massive deal, executed through state-owned Waha Oil Company, promises to add 850,000 barrels per day to Libya’s output, generating projected net revenues exceeding $376 billion over the life of the agreement.
Prime Minister Abdulhamid al-Dbeibah called the arrangement transformative, emphasizing Libya’s growing engagement with major international energy partners. Currently producing around 1.1 million barrels per day compared to Nigeria’s 1.6-1.8 million bpd, Libya could theoretically rival its West African competitor if the Waha expansion succeeds alongside other restoration projects and new foreign investments.
The government also signed agreements with Chevron and Egypt’s Ministry of Petroleum during the Libya Energy and Economy Summit in Tripoli, signaling an aggressive push to modernize infrastructure and attract fresh capital. However, analysts caution that Libya’s path to energy dominance remains fraught with risks. Political instability, armed blockades, and infrastructure sabotage have historically caused production to swing wildly between 500,000 bpd and over 1.2 million bpd. Security vulnerabilities and ongoing rivalries between eastern and western authorities could limit Libya’s ability to sustain the consistent output needed to surpass Nigeria’s more stable offshore fields.
While the 25-year agreement represents a historic opportunity to restore Libya’s oil prominence, structural and political challenges will ultimately determine whether the country can claim Africa’s top producer title.
Source: angolanminingoilandgas.com
