KEY POINTS
- TotalEnergies extends Waha oil concessions to 2050.
- Revised fiscal terms support new production projects.
- North Gialo targets 100,000 boe per day.
TotalEnergies has secured an extension of Libya’s Waha oil concessions through December 31, 2050, cementing a long-term position in one of the country’s most significant producing regions and creating room for a new phase of upstream investment.
The agreement was signed on January 24 during the Libya Energy and Economy Summit in Tripoli by TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanné, in the presence of Libyan Prime Minister Abdul Hamid Dbeiba. Revised fiscal terms under the extension are designed to support higher production from assets that remain commercially viable despite their maturity.
New terms support expansion plans
The Waha concessions currently produce about 370,000 barrels of oil equivalent per day. Under the updated framework, TotalEnergies and its partners plan to move forward with additional developments across the acreage. The most prominent of these is the North Gialo field, which is expected to add roughly 100,000 barrels of oil equivalent per day once it reaches full production.
Pouyanné said the extension aligns closely with the company’s upstream strategy. He pointed to the Waha assets’ low operating costs and comparatively low emissions intensity, factors that continue to underpin their competitiveness within TotalEnergies’ global portfolio as capital discipline tightens across the industry.
TotalEnergies has maintained a continuous presence in Libya since 1956, making it one of the longest-standing international operators in the country’s energy sector.
Libya seeks stability and capital
Ownership of the Waha concessions remains unchanged. Libya’s National Oil Corporation holds a 59.16 percent stake, while TotalEnergies and ConocoPhillips each own 20.42 percent. Operations are carried out by Waha Oil Company, which is fully owned by NOC, reflecting Libya’s state-led resource model in which international partners contribute capital and technical expertise, according to OilPrice.
For Libya, the extension plays a role in efforts to stabilize and expand oil output after years of political disruption and limited investment. Incremental production from projects such as North Gialo could help offset natural decline across existing fields and support state revenues in an economy that depends heavily on hydrocarbons.
In 2025, TotalEnergies’ net production in Libya averaged about 113,000 barrels of oil equivalent per day. Output was drawn from a mix of offshore and onshore assets, including Al Jurf, El Sharara, and Waha. The extension therefore represents a meaningful component of the company’s African upstream exposure.
The agreement comes as Libya works to draw foreign capital back into its energy sector, even as international producers balance geopolitical risk against the country’s large, low-cost reserves. For oil companies, long-dated concessions with clearer fiscal structures remain critical for approving capital-intensive developments.
TotalEnergies has increasingly focused on maintaining production from advantaged oil and gas assets while directing growth capital toward low-carbon energy. The Waha extension reflects that approach, supporting cash-generating output while keeping costs and emissions under control.
