Libya reaches over $200 billion agreement with French and American oil companies

Libyan Prime Minister of the Government of National Unity, Dabaiba, announced on the 24th that Libya has signed a 25-year oil development agreement with France's TotalEnergies and America's ConocoPhillips, with a total investment exceeding $20 billion. Dabaiba made this announcement during the Fourth Libya Energy and Economy Summit in the capital city of Tripoli, stating on social media that the agreement will increase the daily production of the Libyan National Oil Corporation by up to 850,000 barrels, with an estimated net income of over $376 billion during the agreement period. Libya is one of the largest oil-producing countries in Africa and a member of the Organization of the Petroleum Exporting Countries. Oil and gas exports are the main source of income for Libya. Years of ongoing war and division have severely impacted the country's oil production and exports.