Libya aims to more than double production at its Waha Oil venture through a 25-year investment deal with TotalEnergies SE and ConocoPhillips, potentially injecting 20 billion US dollars into the sector, Bloomberg reported.

The agreement, signed Saturday during the Libya Energy & Economic Summit in Tripoli, includes the development of four new fields and a wide-ranging exploration programme across 19 concession areas, Walid Ellafi, Libya’s Minister of State for Communication and Political Affairs, told Bloomberg. Project revenues for Libya are estimated to surpass 376 billion US dollars over the lifetime of the deal.

Under the pact, Waha Oil’s output is expected to rise to 850,000 barrels per day from around 350,000. The move follows nearly a decade of suppressed production caused by the civil war that broke out in 2011, which reduced Libya’s output from levels once comparable to Saudi Arabia’s.

Ellafi noted that other agreements were signed at the summit, including with Chevron Corp., targeting exploration in the Sirte Basin and redevelopment of mature oil fields. Libya also formalised a collaboration with Egypt to coordinate on energy logistics as well as exploration and production activities.

The deal underscores growing global interest in Libya’s petroleum reserves, where production costs remain relatively low. Industry consultancy Enverus Intelligence Research highlighted that despite ongoing political uncertainty, Libya’s substantial fossil fuel potential and investor-friendly reforms continue to attract international energy companies.