Libya: TotalEnergies Signs the Extension of the Waha Concessions until 2050
MWN-AI** Summary
On January 24, 2024, TotalEnergies, led by CEO Patrick Pouyanné, announced the extension of the Waha Concessions in Libya until December 31, 2050, during the Libya Energy & Economy Summit in Tripoli. The agreement was signed in collaboration with Abdul Hamid Dbeiba, the Prime Minister of the Government of National Unity, and introduces new fiscal terms aimed at boosting production from the concessions, which currently yield approximately 370,000 barrels of oil equivalent per day (boe/d). Critical to this new phase of investment is the anticipated development of the North Gialo field, projected to add an additional 100,000 boe/d to production.
Celebrating its 70-year presence in Libya, TotalEnergies expressed gratitude to the Libyan authorities for their ongoing support, particularly recognizing Dr. Khalifa Rajab Abdulsadek, Minister of Oil and Gas, and Masoud Suleman, Chairman of the National Oil Corporation (NOC). With a history in Libya dating back to 1956, TotalEnergies reiterates its commitment to collaborate with partners to enhance Waha's production capabilities. The company holds a 20.42% stake in the Waha concessions, which are predominantly managed by NOC.
TotalEnergies maintains a diverse energy portfolio, active in about 120 countries, and emphasizes sustainability as a core element of its strategy. The company's operations in Libya also include production from offshore and onshore fields like the Al Jurf and El Sharara areas. Through this concession extension and ongoing investments, TotalEnergies aims to align its growth with low-cost, low-emission resources, further solidifying its role in the evolving energy landscape.
MWN-AI** Analysis
The recent agreement between TotalEnergies and the Libyan government to extend the Waha Concessions until 2050 marks a significant development in the North African oil market. With production currently at 370,000 barrels of oil equivalent per day (boe/d) and plans to add an additional 100,000 boe/d from the North Gialo field, this initiative illustrates the potential for revitalization in Libya's oil sector amidst a historically tumultuous political backdrop.
For investors, the extension of the Waha concessions indicates a stable partnership between TotalEnergies and Libyan authorities, suggesting that the geopolitical risk may be lessened in the near to medium term. This could pave the way for increased foreign investment in Libya’s oil infrastructure. Given TotalEnergies' commitment to low-cost and low-emission production, their operations align well with the global shift towards sustainable energy practices.
However, investors should remain cautious. Libya's political landscape remains fragile, with ongoing militia activity and a complex governance structure which can disrupt operations. The successful implementation of planned investments will depend not only on TotalEnergies' operational efficiency but also on the broader political stability in Libya.
From a strategic standpoint, investors looking into Libya should focus on companies with established operations and partnerships in the region. Additionally, monitoring the global oil market, particularly OPEC+ production decisions, will be crucial as these factors can influence Libya's oil price and production viability.
In conclusion, while the extension of the Waha Concessions by TotalEnergies signals positive momentum for Libya’s oil sector, potential investors should maintain a balanced perspective, weighing the promise of enhanced production against the inherent risks associated with investing in Libya's complex environment.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
On January 24th, during the Libya Energy & Economy Summit in Tripoli, Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies signed an agreement extending the Waha Concessions up to December 31, 2050, in the presence of Abdul Hamid Dbeiba, Prime Minister of the Government of National Unity.
This agreement sets new fiscal terms allowing to increase the production of these concessions that are currently producing around 370,000 barrels of oil equivalent per day (boe/d). Therefore, it paves the way for a new phase of investments, including the development of the North Gialo field, which is expected to add 100,000 boe/d of production.
“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), Present in the country since 1956, TotalEnergies reaffirms its long-standing commitment to working alongside its partners to increase Waha’s production, starting with the development of the North Gialo field. Extending the Waha concession, with its low cost and low emission giant resources offering many opportunities to grow production, fits perfectly with our strategy” said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies.
TotalEnergies in Libya
TotalEnergies has been present in Libya since 1956. In 2025, the Company’s production in the country averaged 113,000 barrels of oil equivalent per day, from the offshore Al Jurf field (TotalEnergies 37.5%), the onshore El Sharara area (TotalEnergies 15% in former Block NC 115 and 12% in former Block NC 186), and the onshore Waha concessions (TotalEnergies 20.42%). The Waha concessions are held by NOC (59.16%), TotalEnergies (20.42%) and ConocoPhillips (20.42%) and are operated by Waha Oil Company (WOC), a company 100% owned by NOC.
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
@TotalEnergies TotalEnergies TotalEnergies TotalEnergies
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
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TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
FAQ**
How will the agreement signed by TotalEnergies SE TTFNF on January 24th impact future investments and production levels in Libya's Waha concessions?
2. What specific fiscal terms have been established in the new agreement that could benefit TotalEnergies SE TTFNF and its partners in the Waha concessions?
3. Given the extension of the Waha Concessions until 2050, what strategies will TotalEnergies SE TTFNF adopt to enhance sustainability in its operations in Libya?
4. How does TotalEnergies SE TTFNF plan to address potential risks associated with investments in Libya’s energy sector as detailed in their cautions regarding forward-looking information?
**MWN-AI FAQ is based on asking OpenAI questions about TotalEnergies SE (OTC: TTFNF).
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