Libya signs agreement with Total and ConocoPhillips to increase oil production capacity.

According to Libya's Minister of Communications and Political Affairs, Walid Elrafai, Libya has signed an agreement with Total and ConocoPhillips to increase the production capacity of their joint venture company Waha Oil by more than twice, with a possible investment of up to $20 billion over the next 25 years. The agreement is expected to increase daily production from approximately 350,000 barrels to 850,000 barrels; during the term of the agreement, Libya's projected project revenue is expected to exceed $376 billion. The agreement includes the development of four new oil fields and a comprehensive exploration plan; during the "Libyan Energy and Economic Summit," Libya also signed several other agreements, including agreements with Chevron and Egypt.