TotalEnergies has signed an agreement extending the Waha oil concessions in Libya through December 31, 2050, securing a long-term foothold in one of the country’s most important producing areas and setting the stage for a new investment cycle. The Waha concessions currently produce around 370,000 barrels of oil equivalent per day. The Waha concessions are held by Libya’s National Oil Corporation (NOC) with a 59.16% stake, alongside TotalEnergies and ConocoPhillips, which each hold 20.42%. Operations are carried out by Waha Oil Company, which is fully owned by NOC, reflecting Libya’s model of state-led resource management with international partners providing capital and technical expertise. The Waha agreement reflects this balancing act, allowing the company to sustain cash-generating upstream output while managing costs and emissions.

Source: Libya Today January 26, 2026 08:44 UTC