Libya said Saturday it signed an oil agreement worth more than $20 billion with TotalEnergies and ConocoPhillips, seeking to ramp up production by 850,000 barrels a day for the next 25 years. The announcement came as the Libya Energy and Economic Summit opened in Tripoli, attended by US President Donald Trump’s Middle East adviser Massad Boulos, along with other officials, including from Turkey and Egypt. Libya currently produces around 1.5 million barrels a day, sitting on Africa’s largest oil reserves at an estimated 48.4 billion barrels. Boulos described the energy summit as “an opportunity to become a premier economic partner with the United States”. The authorities have sought to draw major global energy companies back to the country after years of political instability and fluctuations in production levelsAgence France-Presse

Source: Libya Today January 25, 2026 12:34 UTC