TotalEnergies signs long-term extension for Libyan concessions

The Waha Concessions onshore Libya will see increased production as TotalEnergies secured a 34-year extension agreement during the recently-concluded Libya Energy & Economy Summit in Tripoli

Signed by the major's chairman and chief executive officer, Patrick Pouyanné, in the presence of Abdul Hamid Dbeiba, Prime Minister of the Government of National Unity, the agreement permits the company to operate in the region for as long as 31 December 2050. This move further solidifies TotalEnergies' presence in Libya that goes back as far as 1956. 

“As we celebrate 70 years of presence in Libya, we are pleased to sign this agreement, and I would like to thank the Libyan authorities for their continued support, in particular Dr. Khalifa Rajab Abdulsadek, Minister of Oil and Gas of Libya and Masoud Suleman, Chairman of the National Oil Corporation (NOC)," said Pouyanné. 

As the concessions continue to produce around 370,000 barrels of oil equivalent per day (boe/d), TotalEnergies plans to kickstart additional phased investments that will advance the development of the North Gialo field. This will unlock 100,000 boe/d of boosted production.

As the announcement marked the major's elaborate plans for long-term production strategy from the region, Pouyanné said, "Extending the Waha concession, with its low cost and low emission giant resources offering many opportunities to grow production, fits perfectly with our strategy.”