TotalEnergies has agreed to extend the Waha oil concessions in Libya until December 31, 2050. This secures a long-term position in one of Libya’s key producing regions and opens the door for a new phase of investment.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, signed the agreement on January 24 at the Libya Energy and Economy Summit in Tripoli, alongside Libyan Prime Minister Abdul Hamid Dbeiba. The updated terms adjust the fiscal framework to encourage higher production from the mature Waha fields.
The Waha concessions currently deliver about 370,000 barrels of oil equivalent per day. Under the new arrangement, TotalEnergies and its partners plan further developments, including the North Gialo field, which could add around 100,000 boe per day once production begins.
The extension strengthens TotalEnergies’ long history in Libya, where the company has operated since 1956. Pouyanné said the agreement aligns with the company’s upstream approach, pointing to Waha’s low operating costs and relatively low emissions profile within its global assets.
Libya’s National Oil Corporation holds a 59.16 percent stake in the Waha concessions, while TotalEnergies and ConocoPhillips each own 20.42 percent. Waha Oil Company, fully owned by NOC, operates the fields, reflecting Libya’s approach of state ownership supported by international partners.
For Libya, the extension supports efforts to stabilize and expand oil production after years of political instability and limited investment. New output from projects like North Gialo could help counter natural decline and strengthen government revenues in an economy that relies heavily on oil.
In 2025, TotalEnergies produced an average of about 113,000 boe per day in Libya from offshore and onshore assets such as Al Jurf, El Sharara, and Waha. The Waha extension therefore plays an important role in the company’s African upstream portfolio.
The agreement comes as Libya works to draw foreign investors back into its energy sector, even as companies balance geopolitical risks against the country’s large and low-cost reserves. Long-term concessions with clearer fiscal terms remain essential for companies planning major investments.
TotalEnergies continues to focus on sustaining output from cost-efficient oil and gas assets while directing growth spending toward lower-carbon energy. The Waha agreement supports this strategy by preserving reliable upstream production while keeping costs and emissions in check.
source: oilprice.com
African Energy Council