Libya Launches Three-Day Energy Summit with Deals Projecting Over $376bn in State Revenues

Libya has opened the 2026 Libya Energy and Economy Summit with the signing of a series of strategic agreements and memoranda of understanding expected to generate projected revenues exceeding $376 billion (€318 billion).

The three-day summit, which began with high-level signings, has drawn significant international participation. According to Hakomitna, the official platform of Libya’s Government of National Unity, delegations include companies from France (19), the United States (17), the United Kingdom (16), Italy (6) and Turkey (4).

Among the most significant agreements signed at the opening was a 25-year long-term development deal involving Libya’s Waha Oil Company, in partnership with France’s TotalEnergies and US-based ConocoPhillips.

The agreement provides investments exceeding $20 billion, financed externally without placing additional strain on the state budget. It aims to raise Waha Oil Company’s production capacity to 850,000 barrels per day, with net revenues for the Libyan state projected to surpass $376 billion, according to Hakomitna.

The summit also saw the signing of a memorandum of understanding with US energy giant Chevron to explore investment opportunities in exploration, field development and enhanced recovery rates. In addition, a cooperation agreement was signed with Egypt covering exploration, production and related logistics services.

Libya’s Prime Minister and head of the Government of National Unity, Abdel Hamid Dbeibeh, attended the opening ceremony alongside Egypt’s Minister of Petroleum Karim Badawi, Turkey’s Minister of Energy and Natural Resources Alparslan Bayraktar, senior government officials and representatives of international energy companies.

In his address, Dbeibeh described the summit as a key annual event for the energy sector, saying it symbolised Libya’s return to its rightful position within the regional and international energy landscape.

He stressed that energy policy remains a sovereign and economic priority, closely tied to national stability, economic growth and improved public services.

He noted that Libya recorded its highest daily oil production rate in 2025, reaching 1.37 million barrels per day –  the strongest output in more than 12 years. 

This, he said, coincided with the launch of production at several new fields and the announcement of Libya’s first onshore and offshore exploration tender in over 17 years.

The prime minister also announced the launch of Libya’s renewable energy strategy, aimed at reducing emissions and strengthening sustainability, alongside the “Green Libya” initiative, which seeks to plant 100 million trees nationwide.

Dbeibeh reaffirmed the government’s commitment to supporting the energy sector through continued funding for infrastructure development and operational support, stressing the importance of translating summit agreements into tangible projects that bolster economic stability and improve the lives of Libyan citizens.