TRIPOLI, Jan. 24 (Xinhua) -- Libyan Prime Minister Abdul-Hamid Dbeibah announced on Saturday the signing of an oil agreement with two foreign companies, with the investments exceeding 20 billion U.S. dollars.
In a post published on his official Facebook page, Dbeibah said that Libya signed a development agreement for a period of 25 years with TotalEnergies of France and the U.S. company ConocoPhillips.
He said that the agreement aims to increase the production capacity of the Libyan Waha Oil Company by up to 850,000 barrels per day, with net revenues expected to exceed 376 billion dollars for Libya.
Dbeibah also announced the signing of a memorandum of understanding with the U.S.-based Chevron, as well as a cooperation memorandum with Egypt's Ministry of Petroleum and Mineral Resources, without providing further details.
The signing of the agreements and memoranda took place on the sidelines of the fourth edition of the Libya Energy & Economic Summit, which kicked off on Saturday in the capital Tripoli, with participation from international and Libyan companies.
Oil and gas exports are the primary source of income for Libya, though the sector has faced setbacks in recent years due to domestic conflicts and political instability. ■
